A company has old equipment that originally cost $75,600. The equipment was purchased seven years ago, at which time it had an estimated useful life of 10 years and a residual value of $4,500. The straight-line method of depreciation was selected. As of its last year end, December 31, the balance of the asset's accumulated depreciation was $49,770. The equipment was sold on June 1 of the current year for $29,500. Select the correct responses for the following: 1. Current year's depreciation expense for the year of sale: 2. Equipment's carrying amount on the date of sale: 3. Was there a gain or loss on equipment sale? Gain on sale - 4. Amount ($) of the gain or loss on sale