Sumner sold equipment that it uses in its business for $30,800. Sumner bought the equipment a few years ago for $79,600 and has claimed $39,800 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 $9,000 1231 loss. $9,000 1245 loss. $48,800 ordinary loss. $9,000 capital loss. None of the choices are correct