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Question
on july 1, 2012, fleming company sells machinery for $96,000. the machinery originally cost $240,000, had an estimated 5-year life and an expected salvage value of $40,000. the accumulated depreciation account had a balance of $140,000 on january 1, 2012, using the straight-line method. the gain or loss on disposal is
a.$16,000 gain
b.$4,000 loss
c.$8,000 loss
d.$4,000 gain
Answer
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