12) Equipment was sold for $40,000. The equipment was originally purchased for $75,000. At the time of the sale, the equipment had accumulated depreciation of $50,000. Calculate the gain or loss to be recorded on the sale of equipment A) Loss of $35,000. C) Gain of S15,000. 12) B) Gain of S10,000. D) Loss of $15,000. Learning Objective: 07-06 Account for the disposal of long-term assets