Calcutt Energy Services Ltd. of Calgary, Alberta, reported the following for land, buildings, and equipment (in millions): (Click the icon to view the report.) During 2017, Calcutt Energy paid $72.5 million for new property and equipment. Depreciation for the year totalled $35.2 million. During 2017, Calcutt sold property and equipment for $19.4 million. How much was Calcutt's gain or loss on the sale of the property and equipment? How would this gain or loss be reported on the income statement? How much was Calcutt's gain or loss on the sale of the property and equipment? Compute the cost of land, buildings, and equipment sold and the amount of depreciation accumulated on the assets sold. (Enter amounts in millions as provided to you in the problem statement, X.X.) The cost of land, building, and equipment sold was $ 103.0 million. The accumulated depreciation associated with the assets sold was $ 49.2 million Complete the table below to compute the gain or loss on the sale. (Use a minus sign or parentheses to indicate a loss. Enter amounts in millions as provided to you in the problem statement, X.X.) Carrying amount of land, buildings, and equipment sold: Cost i Data Table Accumulated depreciation Carrying amount sold December 31 2017 2016 $ 534.5 $ 565.0 (193.0) (207.0) Sale price of land, property, and equipment Land, buildings, and equipment Accumulated depreciation Print Done Choose from any list or enter any number in the input fields and then click Check Answer.

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