On July 1, 2022, Cullumber Company sells equipment for $118000. The equipment originally cost $330000, had an estimated 5-year life and an expected salvage value of $50000. The Accumulated Depreciation account had a balance of $196000 on January 1, 2022, using the straight-line method. The gain or loss on disposal is $16000 gain. $12000 loss $16000 loss. $12000 gain. A plant asset with a cost of $310000 and accumulated depreciation of $292000 is sold for $41500. What is the amount of the gain or loss on disposal of the plant asset? $41500 gain. $41500 loss. $23500 loss. $23500 gain