Sumner sold equipment that it uses in its business for $31500. Sumner bought the equipment a few years ago for $79,200 and has claimed $39.500 of depreciation expense. Assuming that this is Summers only disposition during the year what is the amount and character of Sumner's gain or loss? Murple Choice O $8,000 capital oss 0 $8,000 $245 loss O $47.500 ordinary loss. o None of the choices are correct O $8.000 231on