Collier Energy Services Ltd. of Calgary, Alberta, reported the following for land, buildings, and equipment (in millions): (Click the icon to view the report.) During 2020, Collier Energy paid $72.5 million for new property and equipment. Depreciation for the year totalled $36.9 million. During 2020, Collier sold property and equipment for $20.1 million. How much was Collier's gain or loss on the sale of the property and equipment? How would this gain or loss be reported on the income statement? Record the sale of the property and equipment. How much was Collier's gain or loss on the sale of the property and equipment? Compute the cost of land, buildings, and equipment sold and the amount of depreciation accumulated on the assets sold. (Enter amounts in millions as provided to you in the problem statement, X.X.) The cost of land, building, and equipment sold was $ million. The accumulated depreciation associated with the assets sold was $ million. Complete the table below to compute the gain or loss on the sale. (Enter amounts in millions as provided to you in the problem statement, X.X.) Carrying amount of land, buildings, and equipment sold: Cost Accumulated depreciation Carrying amount sold Sale price of land, property, and equipment How would this gain or loss be reported on the income statement? The gain or loss would be reported on the income statement as Record the sale of the property and equipment. (Record debits first, then credits. Explanations are not required. Enter amounts in millions as provided to you in the problem statement, X.X.) Date Report Accounts December 31 2020 2019 Land, buildings, and equipment Accumulated depreciation $ 539.0 $ 565.0 (191.4) (207.0) Print Done