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 (S) of the gain or loss on sale