TB MC Qu. 7-148 (Static) Equipment was sold for... Equipment was sold for $50,000. The equipment was originally purchased for $85,000. At the time of the sale, the equipment had accumulated depreciation of $30,000. What is the amount of the gain or loss to be recorded on the sale of equipment? Multiple Choice Gain of $20,000 Gain of $5,000 Loss of $5,000 Loss of $35,000