7. Equipment with a cost of $102,000 was purchased on January 1, 2020. The equipment has an estimated residual value of $15,000 and an estimated useful life of 5 years. What is the depreciation expense for 2020 if the business uses the double-declining-balance method? $20,400 $34,800 $40,800 $17,400 On January 1, 2020, Dodd Inc. sold a machine for $41,000. The machine cost $145,000, and had accumulated depreciation of $98,000 at the time of sale. What gain or loss will be reported on the income statement for the sale of the machine? 8. Gain of $6,000 Loss of $104,000 Gain of $104,000 Loss of $6,000