Construction equipment was acquired on January 1, 2022, for $25,000 with an estimated four-year life...
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Construction equipment was acquired on January 1, 2022, for $25,000 with an estimated four-year life and $1,000 residual value. The buyer, McKinnon Builders Inc, uses straight-line depreciation. Record the gain or loss if the equipment was sold on December 31, 2023, for $7,600.
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