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An entity purchased an asset on December 31, 20x1. The cost of the asset was $300,000, has a remaining useful life of 10 years and has a $20,000 residual value. The entity uses the straight line method of depreciation. On December 31, 20x8, the asset is sold for $80,000. What is the gain or loss on sale of the asset? A positive number is a gain; a negative number is a loss. Select one: a. ($52,000) b. ($10,000) c. ($24,000) d. $4,000
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