Sumner sold equipment that it uses in its business for $31,900. Sumner bought the equipment a few years ago for $79,050 and has claimed $39,525 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? $7,625 capital loss None of the choices are correct. $7,625, $1291 loss $47,150 ordinary loss $7,625, ordinary loss