Send to Gradebook Question 13 View Policies Current Attempt in Progress On January 1, 2012, Waterway Industries purchased for $720000, equipment having a useful life of ten years and an estimated salvage value of $48000. Waterway has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2020, the equipment was sold for $147500. As a result of this sale, Waterway should recognize a gain of $147500 $80300 $32300 $0