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Vandalay Industries sells a machine on December 31, 2021 for $160,000 that was originally bought...

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Accounting

Vandalay Industries sells a machine on December 31, 2021 for $160,000 that was originally bought January 1, 2018 for $300,000. Vandaly uses straight line depreciation for all fixed assets, expects a useful life of 10 years for all its machines and estimates no salvage value. What was the gain or loss on the sale of the machine?

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