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On July 1, 2020, Hale Kennels sells equipment for $80,000. The equipment originally cost $300,000, had an estimated 5-year life and an expected residual

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On July 1, 2020, Hale Kennels sells equipment for $80,000. The equipment originally cost $300,000, had an estimated 5-year life and an expected residual value of $50,000. The accumulated depreciation account had a balance of $225,000 on January 1, 2020, using the straight-line method. The gain or loss on disposal is $30,000 gain. O $30,000 loss. O $45,000 loss. $45,000 gain.

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