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On April 1, 2010 a company discarded a machine that had cost $20,000 and had...

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Accounting

On April 1, 2010 a company discarded a machine that had cost $20,000 and had accumulated depreciation of

$16,000 as of December 31, 2009. The asset had a 5-year life and $0 salvage value. Determine the dollar amount and indicate gain or loss on this disposition assuming the Company received a cash payment of $6,000.

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