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Brief Exercise $7-26($Algo$)$ Determine financial statement effects of sale of long$-$term assets $($LO$106)$

Granite Stone Creamery sold ice cream equipment for $$11,200.$ Granite Stone originally purchased the equipment for $$77,000,$ and depreciation through the date of sale totaled $$64,000.$

Determine the financial statement effects of the gain or loss on the sale of the equipment. $($Amounts to be deducted should be entered with minus sign.$)$