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Spinks Ltd. purchased an item of equipment on 1 July 1997 (the first day of the...


Spinks Ltd. purchased an item of equipment on 1 July 1997 (the first day of the financial period) for $200,000. The equipment was depreciated using the reducing balance method at a rate of 40%. It was sold on 1 November, 1999. If the machine was sold for $65,000, what was the gain or loss on disposal?

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