Question: On January 1 , 2 0 1 7 , Mill Corporation purchased for $ 7 6 0 0 0 0 , equipment having a useful

On January 1,2017, Mill Corporation purchased for $760000, equipment having a useful life of ten years and an estimated salvage value of $40000. Mill has recorded monthly depreciation of the equipment on the straight-line method. On December 31,2025, the equipment was sold for $140000. As a result of this sale, Mill should recognize a gain of
$28000.
$0.
$68000.
$140000.
On January 1 , 2 0 1 7 , Mill Corporation

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