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Rennet Corporation sells a building for $500,000. The original purchase price of the building was...

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Accounting

Rennet Corporation sells a building for $500,000. The original purchase price of the building was $750,000, the original useful life of the building was 30 years with no salvage value. If Rennet has owned the business for 14 years when the sale takes place, calculate the amount of gain or loss associated with the sale.

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