293: Accelerated Fin'l Accounting (S A company has equipment that originally cost $176,500. The equipment was purchased six years ago, at which time it had an estimated useful life of 10 years and a residual value of $17,600. The straight-line method of depreciation was selected. At the end of year 6, December 31, the equipment's accumulated depreciation was $95,340. The equipment was sold on September 1 of the current year for $76,400. Select the correct responses for the following: 1. Was there a gain or loss on equipment sale? 2. Amount ($) of the gain or loss on sale: 15 16 % 5 A 6 OLO co Next page Upload link for handwritten 17 & 7 8 T Y U 19 9 Flo 0 m 112 IA P [