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A company purchased equipment for $100,000 that is expected tohave a useful life of 10 years and no salvage value. The companysold the equipment at the end of the fourth year of its usefullife, at which point it had fair market value of $65,000. If theasset was sold for $55,000 and was being depreciated using thestraight line method as was reported at book value, what amount ofgain or loss would be reported at the time of thesale? $10,000 gain$5,000 lossno gain or loss would be reported.
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