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Computing Gain on Sale of Property, Plant, and Equipment Lora Company reported the following information...

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Accounting

Computing Gain on Sale of Property, Plant, and Equipment

Lora Company reported the following information related to its long-term assets:

Property, plant, and equipment, beginning balance $235,000
Property, plant, and equipment, ending balance 265,000
Accumulated depreciation, beginning balance 86,000
Accumulated depreciation, ending balance 84,000
Depreciation expense 14,500

In addition, the company disclosed that it sold equipment with a historical cost of $30,000 for $26,000.

Using this information, compute the gain on the sale of equipment.

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