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On January 1, 2009, Swifty Corporation purchased for $690000, equipment having a useful life of...

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Accounting

On January 1, 2009, Swifty Corporation purchased for $690000, equipment having a useful life of ten years and an estimated salvage value of $42600. Swifty has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2017, the equipment was sold for $175000. As a result of this sale, Swifty should recognize a gain of $110260. $67660. $0. $175000.

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