11) Equipment was sold for S50,000. The equipment was originally purchased for $85,000. At the time of the sale, the equipment had accumulated depreciation of $30,000 Calculate the gain or loss to be recorded on the sale of equipment. A) Gain of S5,000. C) Loss of $35,000. 11) B) Loss of S5,000 D) Gain of $20,000. Learning Objective: 07-06 Account for the disposal of long-term assets