Prancer Company purchased machinery for $162,240 on January 1, 2017. Straight-line depreciation has been recorded...
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Prancer Company purchased machinery for $162,240 on January 1, 2017. Straight-line depreciation has been recorded based on a $10,140 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $3,042. How much cash did Prancer receive from the sale of the machinery?
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