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equipment with a cost of $80000 was sold for $12000 cash. At the time of...

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Accounting

equipment with a cost of $80000 was sold for $12000 cash. At the time of the sale, the equipment had been in-service for 15-years. Depreciation was recorded using straight-line depreciation based on an estimated 16-year usefullifeand $0 estimated residual value. What is the gain or loss on this transaction?

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