Question: Current Attempt in Progress Deacon Engineering purchased specific equipment for $675,500 on January 1, 2017. The equipment had no residual value and was estimated to

Current Attempt in Progress Deacon Engineering purchased specific equipment for $675,500 on January 1, 2017. The equipment had no residual value and was estimated to have a 10-year useful life. Deacon used the straight-line method to depreciate this asset. The equipment was sold on January 1, 2024 for proceeds of $250,000. What gain or loss on disposal would be reported for this asset in 2024? O loss of $20,200 O loss of $47,350 O gain of $47,350 O gain of $20,200

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