Question: Please explain the solution to this general accounting problem with accurate explanations. A machine originally cost $40,000 and has been depreciated using the straight-line method

Please explain the solution to this general accounting problem with accurate explanations.

A machine originally cost $40,000 and has been depreciated using the straight-line method at $5,000 per year. After 6 years, the machine's book value is $10,000. On December 31, the company sells the machine for $12,500. What is the gain or loss on the sale of the machine

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