Question: Can I get a step by step please Sumner sold equipment that it uses in its business for $30,200. Sumner bought the equipment a few

Can I get a step by step please Sumner sold equipment

Can I get a step by step please

Sumner sold equipment that it uses in its business for $30,200. Sumner bought the equipment a few years ago for $79,900 and has claimed $39,950 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 $9.750 $1231 loss. $9,750 $1245 loss. . $49.700 ordinary loss. o $9.750 capital loss. None of the choices are correct

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