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Equipment was purchased at a cost of $70,000. It had an estimated useful life of eight years and a residual value of $6,000. Assuming the equipment was sold at the end of Year 6 for $14,000, determine the gain or loss on the sale of the equipment. (Assume the straight-line depreciation method.) O a. A loss of $8,000 2b. A gain of $14,000 C. A gain of $8,000 O d. A loss of $14,000 re you con suhmit your e for You must Anist your 53 PM The term boot refers to the 13 a, amount of cash paid or liability incurred when buying a new asset and trading in an old asset. b. total cost of a new asset. 14 O c. amount of the gain or loss on exchange of assets. O d. amount of down payment on an asset 16 18 20 Yow must finisle you it 753 PM /29/2019