Ngu owns equipment that cost $93,500 with accumulated depreciation of $64,000. Ngu asks $35,000 for the equipment but sells the equipment for $33,000. Compute the amount of gain or loss on the sale.
A. $5,500 gain.
B. $3,000 gain.
C. $5,500 loss.
D. $3,500 gain.
E. $3,500 loss.
Answer: D
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