5. The Cromwell Company sold equipment for $35,000. The equipment, which originally cost $120,000 and had an estimated useful life of 10 years and $20,000 residual value was depreciated for four years using the straight-line method. Cromwell should report the following on its income statement in the year of sale: a) A $45,000 loss b) A $45,000 gain c) A $25,000 gain d) All of these answer choices are incorrect