Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016 totaled $495,000. The estimated residual value of the equipment was $47,000 and the group depreciation rate was determined to be 15%. What is the annual depreciation for the group? Answer is complete but not entirely correct. Annual depreciation s 67,200 If equipment that cost $49,000 is sold in 2017 for $42,000, what amount of gain or loss will the company recognize for the sale? Answer is complete but not entirely correct. s 347 Loss