Which navigation equipment provides both distance and direction information in the Cessna 172?

The GPS (Global Positioning System) is the correct answer as it is designed to provide both distance and direction information to the pilot. In a Cessna 172, the GPS works by receiving signals from satellites to determine the aircraft's precise location in relation to a desired route or destination. It can calculate the distance to waypoint and also provide the direction (or bearing) to reach that waypoint.

When it comes to the other options, the magnetic compass only provides directional information based on the Earth's magnetic field but does not calculate distance. The attitude indicator displays the aircraft's orientation relative to the horizon and does not provide any navigation information. The barometric altimeter measures altitude based on atmospheric pressure but does not give any directional or distance information. Therefore, the GPS stands out as the equipment specifically providing both crucial navigation components.