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Ricardo acquired a warehouse for business purposes on August 30, 1992. The building cost $200,000. He took $133,333 of depreciation on the building and then sold it for $350,000 on July 1, 2009. What are the amount and nature of Ricardo's gain or loss on the sale of the warehouse?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M971744

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