4) A company sells a piece of old equipment for $14,000 cash on July 1, 2020. The equipment had an original cost of $50,000 and a useful life of 10 years; as of January 1, 2020 it had a balance in the accumulated depreciation account of $41,000. a) What is the amount of the gain or loss on the sale? (hint: update depreciation first and then calculate gain/loss) b) What is the journal entry to record depreciation expense at July 1, 2020? c) What is the journal entry to record the sale of this equipment? 7500 d) What is the impact of this sale on the company's financial statements (circle the correct answer)? i) Assets (increase, decrease, no impact) 1 ii) Liabilities (increase, decrease, no impact) iii) Equity (increase, decrease, no impact) iv) Net income increase, decrease, no impact)