In the current year, a company sold equipment for $22,000. The original cost was $80,000,...

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Accounting

In the current year, a company sold equipment for $22,000. The original cost was $80,000, the estimated salvage value was $8,000, and the expected useful life was 8 years. The equipment was fully depreciated. How much is the gain or loss on the sale?
$50,000 loss
$850 loss
$5,400 gain
$7,000 gain
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