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In: AccountingJack started a newaccounting practice. He purchased $35,000 of computer equipment andplaced the equipment...Jack started a newaccounting practice. He purchased $35,000 of computer equipment andplaced the equipment in service in May. (Here is MARCS HYdepreciation rates for 5 year property. (Year 1 -20.0%, Year 2-32.0%, Year 3 -19.2% Year 4 -11.52%, Year 5 -11.52% and Year 6% -5.76%. Unfortunately, the business was not doing well. In year 3,Jack decided to close the business. He sold the property for$10,500. What is Jack's gain or loss on the sale of the computerequipment?
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