Question: Wright Development has a machine that it feels is no longer useful. After taking the current year's depreciation, the company decides to sell the machine

Wright Development has a machine that it feels is no longer useful. After taking the current year's depreciation, the company decides to sell the machine and receives proceeds of $22,100. The accumulated depreciation has a balance of $30,000 and the cost of the asset was $65,700. Calculate the gain or loss on sale of the machine

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