Question 26 3 pts Yesterday, the company sold a piece of equipment for $5,000 cash plus a $7,000 note payable. The equipment had cost $29,000. The accumulated depreciation on the day the equipment was sold was $16,000. Calculate the gain or loss on the sale of the equipment. $4,000 loss $1,000 loss $1,000 gain $17,000 loss $8,000 loss