On April 1, 2019, Tool Ltd. sells equipment for $18,000. The original cost was $50,000, the estimated residual value was $8,000, and the expected useful life was seven years. On December 31, 2018 the Accumulated Depreciation account had a balance of $29,400. If the straight-line method of depreciation was used, the gain or loss on the sale was $1,100 loss. $2,600 gain. $850 loss. $300 gain. None of the above.