Question 7 (1 point) Gues sete eurement On January 1, year 1, ABC. Ltd. purchased a piece of equipment with a cost of $ 200000. The equipment has a useful life of 15 years and a residual value of $ $t was 10000 and is being depreciated under the straight line method. The equipment was sold on July 1, year 3 for $ 110000. on dispo If the land gan enter the answer as a Calculate the gain or loss on disposal. If the amount is a gain, enter the answer as a positive amount below (i.e. 20000). If the amount is a loss, enter the answer as negative amount below (i.e. -20000). we Your Answer: AS WE