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A firm acquires a car for company business. The car costs $12,000 and has a...

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Accounting

A firm acquires a car for company business. The car costs $12,000 and has a useful life of 5 years and a salvage value of $2,000. The straight-line method of depreciation is used. What is the gain or loss to be recorded if the car is sold for $5,000 after three years of use?

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