On December 31, 20x4, you purchase a building for $3192573. The building's useful life is...
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Accounting
On December 31, 20x4, you purchase a building for $3192573. The building's useful life is expected to be 37 years after which it will have a residual value of $519541. The diminishing balance method of depreciation is used at the rate of 5%. On December 31, 20x7, the building is sold for $2661587. What is the gain (loss) on sale of the building? Select one: O a. $369796 O b. $-75645 O c. $-314254 O d. $-272129
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