Question 7 Your answer is correct. Deacon Engineering purchased specific equipment for $675,500 on January 1, 2014. The equipment had no residual value and was estimated to have a 10 year useful life. Deacon used the straight-line method to depreciate this asset. The equipment was sold on January 1, 2021 for proceeds of $250,000. What gain or loss on disposal would be reported for this asset in 2021? Loss of $47,350 Gain of $47,350. C Loss of $20,200 Gain of $20,200