Sadler Corporation purchased a piece of equipment on January 1, 2018, for $150,000. The equipment has an estimated residual value of $10,000 and an expected useful life of 10 years. On June 30, 2020, Sadler sold the equipment for $95,000. The company uses the straight-line depreciation method. Required: i. Determine the gain or loss on the sale of the equipment. Show all calculations. ii. Prepare all necessary journal entries to record the sale of the equipment and disposal of the equipment. Sadler Corporation purchased a piece of equipment on January 1, 2018, for $150,000. The equipment has an estimated residual value of $10,000 and an expected useful life of 10 years. On June 30, 2020, Sadler sold the equipment for $95,000. The company uses the straight-line depreciation method. Required: i. Determine the gain or loss on the sale of the equipment. Show all calculations. ii. Prepare all necessary journal entries to record the sale of the equipment and disposal of the equipment