A company sold equipment that originally cost $230,000 for $161,000 cash. The accumulated depreciation on the equipment was $69,000. The company should recognize a Multiple Choice $0 gain or loss. $34,500 gain. $34,500 loss. $69,000 loss. $161,000 gain. A company purchased a tract of land for its natural resources at a cost of $1,628,500. It expects to mine 2,050,000 tons of ore from this land. The salvage value of the land is expected to be $255,000. The depletion expense per ton of ore is: Multiple Choice $0.794. $0.670 $8.039 $0.919 $6.386