View Policies Current Attempt in Progress On January 1, 2012, Sheffield Corp. purchased for $774000, equipment having a useful life of ten years and an estimated salvage value of $37800. Sheffield has recorded monthly depreciation of the equipment on the straight-line method. On December 31 2020, the equipment was sold for $140000. As a result of this sale, Sheffield should recognize a gain of $28580 $66380. $140000. $0. Save for Later Attempts: 0 of 1 used Submit