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%. Annual depreciation 74,250 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? Gain $ 350 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted