In 2018, Sydney purchased equipment for $70,000 to use in its business. Sydney, this year, sold the equipment for $76,500. Through the date of sale, accumulated MACRS depreciation was $18,000. Determine the amount and character of Sydney's gain recognized. Group of answer choices $24,500 ordinary gain $24,500 Section 1231 gain $18,000 ordinary gain and $6,500 Section 1231 gain None of the above