On April 1, 2004, Norcross Corporation purchased a new machine for $550,000. At the time of…

On April 1, 2004, Norcross Corporation purchased a new machine for $550,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $25,000. The company has recorded monthly depreciation using the straight-line method. On August 1, 2013, the machine was sold for $65,000. What gain should be recognized from the sale of the machine?

 

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