Sumner sold equipment that it uses in its business for $31,300. Sumner bought the equipment a few years ago for $79,350 and has claimed $39,675 of depreciation expense. Assuming that this is Sumner's only disporition during the year. what is the amount and character of Sumner's gain or loss? Multiple Choice $8,375,51231los $8,375,512451055 $48,050 ordinary loss Sumner sold equipment that it uses in its business for $31,300. Sumner bought the equipment a few years ago for $79.350 and has claimed $39.675 of depreciation expense. Assuming that this is Sumner's only disposition during the year, what is the amount and character of Sumner's gain or loss? Multiple Choice $8,375,51231 loss $8.375,51245 loss