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QUESTION 2 Equipment was acquired at the beginning of the year at a...

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QUESTION 2 Equipment was acquired at the beginning of the year at a cost of $75,000. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,500. Assuming the equipment was sold at the end of the second year for $59,000, determine the gain or loss on the sale of the equipment

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