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Corp6 sold used machinery with an original cost of $99,000 and accumulated depreciation of $46,000,...

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Accounting

Corp6 sold used machinery with an original cost of $99,000 and accumulated depreciation of $46,000, receiving $20,000 from the buyer and the buyers $30,000 note requiring three end-of-year payments of $10,000 each beginning one year from today. If the loan reflects 3% interest, what amount of gain or loss should the company record on the machines disposal? 7

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