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On January 1, 2021, Dunbar Echo Company sells a machine for $24,200. The machine was...

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Accounting

On January 1, 2021, Dunbar Echo Company sells a machine for $24,200. The machine was originally purchased on January 1, 2019 for $42,700. The machine was estimated to have a useful life of 5 years and a residual value of $0. Dunbar Echo uses straight-line depreciation. In recording this transaction: Multiple Choice a loss of $1,420 would be recorded. a gain of $1,420 would be recorded. a loss of $18,500 would be recorded. a gain of $24,200 would be recorded.

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