Collicutt Energy Services Ltd: of Calgary, Alberta, reported the following for land, buildings, and equipment (in millions):

During 2020, Collicutt Energy paid \(\$ 74.2\) million for new property and equipment. Depreciation for the year totalled \(\$ 38.1\) million. During 2020, Collicutt sold property and equipment for \(\$ 20.2\) million. How much was Collicutt's gain or loss on the sale of the property and equipment? How would this gain or loss be reported on the income statement? Record the sale of the property and equipment.

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Land, buildings, and equipment. Accumulated depreciation.. December 31 2020 $544 1 2019 (195.1) $ 575.1 (209.4)