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Question(s) / Instruction(s):

            On January 1, 2010, Ringo purchased, for $100,000, equipment having a useful life of eight years and an estimated salvage value of $4,000. Ringo has recorded monthly depreciation on the equipment using the straight-line method. On March 1, 2015, the equipment was sold for $46,000. As a result of this sale, Ringo should recognize

Answer

 

no gain or loss

 

an $8,000 gain

 

an $8,000 loss

 

a $12,000 gain

 

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