Collicutt Energy Services Ltd of Calgary Alberta reported the following

Collicutt Energy Services Ltd. of Calgary, Alberta, reported the following for land, buildings, and equipment (in millions):

_____________________________________________________ December 31

_________________________________________________ 2017 _____________ 2016

Land, buildings, and equipment……………………………………… $ 544.1 ……………. $ 575.1

Accumulated depreciation……………………………………………… (195.1) ……………. (209.4)

During 2017, Collicutt Energy paid $74.2 million for new property and equipment. Depreciation for the year totaled $38.1 million. During 2017, Collicutt sold property and equipment for $20.2 million. How much was Collicutt’s gain or loss on the sale of the property and equipment? How would this gain or loss be reported on the income statement?

Collicutt Energy Services Ltd of Calgary Alberta reported the following