On December 31, 2024, Jung Corporation sold a machine to Shin and simultaneously leased it back for
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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:
- Sales price $ 750,000
- Book value 680,000
- Present value of lease rentals ($7,000 for 12 months at 12%) 79,600
- Estimated remaining useful life 12 years
- 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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