Use the following for # 8 and #9: Friend Corporation sold a piece of equipment on March 31, 2017 for $35,000 cash. The equipment had been purchased on December 31, 2008 for $165,000. It had an estimated useful life of 10 years and a $15,000 residual value. Friend Corp. has been using the straight-line method of depreciation and has a year-end of December 31st. #8 The book value at the date of sale was: Select one: O a. $45,000 O b. $26,250 O c. $41,250 O d. $30,000 O e. $56,250 The gain or loss on the sale was: Select one: O a. $5,000 gain O b. $6,250 loss c. $11,250 loss O d. $15,000 gain O e. $10,000 loss