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1 On December 31, 2019, Benson Inc. of New York sold a used backhoe for $1,000,000 cash. The original cost of the backhoe was $5.0 million and its accumulated depreciation equaled $4.2 million on December 31, 2019. What is the gain or loss from the December 31, 2019 equipment sale? Saved Help Save & Multiple Choice $200.000 gain $600,000 loss $200,000 loss. $600,000 gain. Saved On December 31, 2019, Benson Inc. of New York sold a used backhoe for $1,000,000 cash. The original cost of the backhoe was depreciation equaled $4.2 million on December 31, 2019. What is the gain or loss from the December 31, 2019 equipment sale? Multiple Choice $200,000 gain. $600,000 loss. $200,000 loss. $600,000 gain