Glenn sells a piece of equipment used in his business for $31,500 during 2019. The equipment was purchased on July 1, 2017, at a cost of $22,000. Glenn has taken $6,600 of depreciation on the equipment. What are the amount and classification of the gain on the sale by Glenn? Multiple Choice $6,600 ordinary income under Section 1245 and $9,500 Section 1231 gain. $9,500 Section 1231 gain. $16,100 ordinary income under Section 1245. $16,100 Section 1231 gain