King Company had the following excerpt from its financial records 12/31/2017 $932,000$873,000 12/31/2016 Equipment Accumulated Depreciation Book Value 638,00069,000 $264,000 S 294,000 The following information is taken from King Company's records 1. Depreciation expense for 2017 and 2016 was S79,000 and $84,000, respectively 2. Equipment was purchased during 2017 for $139,000 cash. 3. Equipment was sold during 2017 for $48,000 Required: Compute the gain recognized on the sale of the equipment. Gain recognized on the sale of the equipment: SO Clear Undo Help