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Mason Company purchased a new machine on February 1, 2018, for $57,000. At the time...

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Accounting

Mason Company purchased a new machine on February 1, 2018, for $57,000. At the time of acquisition, the machine was estimated to have a service life of ten years and a residual value of $3,000. The company employs the straight-line method of calculating depreciation. The machine was sold on July 31, 2024 for $14,300 cash. Calculate the amount of the loss recorded on the sale.

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