Question: On December 31, 2024, Jung Corporation sold a machine to Shin and simultaneously leased it back for one year. Pertinent information at this date follows:

  1. On December 31, 2024, Jung Corporation sold a machine to Shin and simultaneously leased it back for one year. Pertinent information at this date follows: 
  2. Sales price $ 750,000 
  3. Book value 680,000 
  4. Present value of lease rentals ($7,000 for 12 months at 12%) 79,600 
  5. Estimated remaining useful life 12 years 
  6. In Jung's income statement for the year ended December 31, 2024, the recognized gain from the sale of this machine should be?

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