Question: Wk 1 - Apply: Week I Application Assignme... Sumner sold equipment that it uses in its business for $ 3 0 , 3 0 0

Wk 1- Apply: Week I Application Assignme...
Sumner sold equipment that it uses in its business for $30,300. Sumner bought the equipment a few years ago for $79,850 and has claimed $39,925 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
$9,625, $1231 loss
$9,625,$1245 loss
$49,550 ordinary loss
$9.625 capital loss
Wk 1 - Apply: Week I Application Assignme...

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