Sheffield Corp. purchased machinery for $1410000 on January 1, 2014. Straight-line depreciation has been recorded...
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Sheffield Corp. purchased machinery for $1410000 on January 1, 2014. Straight-line depreciation has been recorded based on a $72000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2018 at a gain of $18500. How much cash did Sheffield receive from the sale of the machinery?
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