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An asset was acquired on January 1, 2021, for $28,000 with an estimated four-year life...

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Accounting

An asset was acquired on January 1, 2021, for $28,000 with an estimated four-year life and $4,000 residual value. The company uses straight-line depreciation. Calculate the gain or loss if the asset was sold on December 31, 2023, for $10,200.

a. $200 gain

b. $5,800 loss

c. $4,200 gain

d. $200 loss

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