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An asset was purchased for $ 32 comma 000 on January 1, 2019. The asset's...

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Accounting

An asset was purchased for $ 32 comma 000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $ 6 comma 000. The straightminusline method of depreciation was used. Calculate the gain or loss if the asset is sold for $ 26 comma 000 on December 31, 2019, the last day of the accounting period.

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