A piece of equipment was originally purchased 5 years ago for $400,000 and is now...
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Accounting
A piece of equipment was originally purchased 5 years ago for $400,000 and is now being sold for $320,000. Yearly depreciation of $30,000 has been recorded. Based on a gain of $70,000, $15,000 is now owed in taxes. What will be recorded as the net proceeds from this sale?
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