Cost recovery - Blue Company
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On November 4, 2006, Blue Company acquired an asset (27.5-year residential real property) for $100,000 for use in its business. In 2006 and 2007 respectively, Blue took $321 and $2,564 of cost recovery. These amounts were incorrect because Blue applied the wrong percentages (i.e., those for 39-year rather that 27.5 year). Calculate the gain or loss on the sale of the asset in 2008.
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