Melinda Ltd reports the following financial information for the financial year ended 30 June 2021: From Statement of Profit or Loss for the financial year ended 30 June 2021: Sales $340,000 Cost of sales 200,000 Operating expenses 36,000 (excluding depreciation expense) Depreciation expense 11,000 Gain on sale of old ? equipment Profit before income tax ? expense Income tax expense ? Net profit ? Additional information: Plant and equipment decreased $47.000 b Accumulated depreciation increased by $3,500 New equipment costing $65,000 was purchased during the financial year d Old equipment was sold for cash $123,000 during the financial year Required: 1. Calculate the amount of gain on sale of old equipment. Show workings. (2 marks)