On December 31, 2013, Stable Company sold a piece of equipment that was purchased on January 1, 2008. The equipment originally cost $780,000 and has an estimated useful life of eight years. Stable uses the straight-line method of depreciation. What is the gain/loss on the sale of equipment that Stable will recognize if the equipment was sold for $218,000 ? Multiple Choice $23,000 gain $0; no gain or loss $120,500 gain $23,000 loss $218,000 gain