Question: I need help with this general accounting question using standard accounting techniques. Summit Electronics sold a piece of machinery for $18,000. The machinery was originally

I need help with this general accounting question using standard accounting techniques.

Summit Electronics sold a piece of machinery for $18,000. The machinery was originally purchased for $70,000, and the accumulated depreciation on the machinery at the time of sale was $58,000. Calculate the gain or loss on the sale of the machinery

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