On January 1, 2020, Aiden Inc. acquired a machine at a cost of $600,000. The...
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On January 1, 2020, Aiden Inc. acquired a machine at a cost of $600,000. The machine had an estimated useful life of 10 years. Aiden uses straight line depreciation. On January 1, 2022, on the first day of the third year, the company sold the machine for $500,000 cash. What is the gain on sale of equipment?
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