Question: Please provide the accurate answer to this general accounting problem using appropriate methods. Delta Equipment Company disposed of an asset at the end of the

Please provide the accurate answer to this general accounting problem using appropriate methods.

Delta Equipment Company disposed of an asset at the end of the seventh year of its estimated life for $20,000 cash. The asset's life was originally estimated to be 10 years. The original cost was $80,000 with an estimated residual value of $10,000. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal

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