37 On December 31, 2022, Mondo Productions decides that it can sell equipment that it no longer needs for its business, On that data, the net book wear the equipment is $240,000 with $300,000 recorded to Equipment and $60,000 recorded to Accumulated Depreciation Mondo accepts an offer to sell the $250,000. Based on this information, please answer the following questions: 1. Calculate the gain or loss on the sale of the equipment. Be sure to state clearly whether the amount you calculate is a gain or a loss. (5 points) 2. Document the journal entry that would be recorded for this asset sale. (5 points) For the toolbar, press ALT+F10 (PC) or ALT+FN-F10 (Mac) for B IUS Paragraph Open Sans,sa S XQ 52 10pt XX, 8 The IT 992 A BY BBB B B Click Save and Submit to save and submit. Click Save All Answers to save all answers - + I. r + Sa All Ar Save and <1:35