A company has old equipment that originally cost $75,000. The equipment was purchased eight years ago, at which time it had an estimated useful life of 10 years and a residual value of $5,000. The straight-line method of depreciation was selected. As of its last year end, December 31, the balance of the assets accumulated depreciation was $56,000. The equipment was sold on July 1 of the current year for $25,900. Select the correct responses for the following:

1. Current year's depreciation expense for the year of of sale: Answer$3,500$3,400$3,700$3,800$3,600

2. Equipments carrying amount on the date of sale: Answer$15,500$15,400$15,700$15,300$15,600

3. Was there a gain or loss on equipment sale? AnswerGain on saleLoss on sale

4. Amount ($) of the gain or loss on sale: Answer$10,100$10,200$10,300$10,500$10,400