Corel Sales sold its old office furniture for $5,000. Its original cost was $10,000 and at...

 

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Corel Sales sold its old office furniture for $5,000. Its original cost was $10,000 and at the time of sale, it had accumulated depreciation of $7,000. What was the effect of the transaction? Gain of $2,000 Loss of $2,000 Loss of $5,000 Gain of $5,000 Corel Sales sold its old office furniture for $5,000. Its original cost was $10,000 and at the time of sale, it had accumulated depreciation of $7,000. What was the effect of the transaction? Gain of $2,000 Loss of $2,000 Loss of $5,000 Gain of $5,000

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