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# Reinek Company sold a fixed asset for \$25,000

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## Reinek Company sold a fixed asset for \$25,000

Question: Reinek Company sold a fixed asset for \$25,000. The asset was originally purchased at a cost of \$64,000. On the date of sale, the accumulated depreciation was \$53,000. Calculate the gain or loss on the sale of the asset.

Gain of \$14,000

Gain of \$25,000

Loss of \$39,000

Loss of \$36,000

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