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On January 1, 2012, A&G Company pays $40,000 for equipment with a 10-year estimated life...

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Accounting

On January 1, 2012, A&G Company pays $40,000 for equipment with a 10-year estimated life and a $5,000 estimated salvage value. On January 1, 2016, A&G sells the equipment for $18,500.

Calculate the gain or loss on the sale assuming A&G uses the straight-line method of depreciation.

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