Gilson Electronics purchased equipment for \$200,000 for use in its operations on January 1, 2009. At that time, the equipment was estimated to have a useful life of 8 years and a salvage value of \$40,000. On January 1, 2012, Gilson decided to sell the equipment to Harper Associates for \$128,000.
(I): What is the balance in the Equipment account just prior to the sale?
(II): What is the balance in the Accumulated Depreciation account just prior to the sale?
(III): Does the sale of the equipment result in a GAIN or a LOSS?
(IV): What is the amount of the GAIN or LOSS on the sale of the equipment?