7: Company D owns a piece of equipment that cost $75,000 with a residual value of $0 and a useful life of 10 years. Assume the company purchased the asset on January 1^st of the first year. IF the company sells the asset on January 1^st of year 4, for $40,000 cash what is the amount of Gain / Loss the Company would record? Use the straight-line depreciation method.