Begonia Co. purchased a new machine on January 1, 2017 for $5,871,900. At the time,...
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Begonia Co. purchased a new machine on January 1, 2017 for $5,871,900. At the time, management believed that the machine would last for ten years and that it could be sold for $293,600. On December 31, 2022, the company sold the equipment for $2,677,584. Assuming Begonia Co. uses straight line depreciation, how much of a gain did it record at the time of the sale?
$152,664
$557,830
$2,524,920
$3,346,980
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