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27-05-2023
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1:1 On January 1, 2020, Crashcup purchased a new truck for $250,000. The truck had an estimated five year economic life with a residual value of $50,000. Crashcup used straight-line depreciation. On October 1, 2023, Crashcup sold the truck for $125,000. Calculate the gain or loss reported by Crashcup in 2023

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