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Sumner sold equipment that it uses in its business for $30,000. Sumner bought the equipment a few years ago for $80,000 and has claimed $40,000 of depreciation expense. Assuming that this is Sumner's only disposition during the year, what is the amount and character of Sumner's gain or loss?
Warranty Expense
The cost associated with the obligation of a company to repair or replace its product if it is found to be defective within a certain period.
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