Question: 1 . Holmes Packaging sold a machine for $ 4 9 , 5 0 0 . The company bought this machine for $ 1 2

1. Holmes Packaging sold a machine for $49,500. The company bought this machine for $120,000 seven years ago and was depreciating it on a straight-line basis over ten years to a $12,000 salvage value. What is the gain (loss) that Holmes Packaging should report?

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