A April 30, Year 1, Titon Products purchased machinery for $55,000. The useful life of this mschinery is estmated at 8 years, wim bn $5.000 residuai value. Tacon unes a colendar yesk for financial reporting. Yeat 7, Titon Products sels this machinery for $4,000, As the date of sole, the machinery had been deprecisted by Titon Products to sts estmaind residuad vaiue of $5, oco thin sale sults in: Murtipie Choice A sto00 iess in the hinanciai sumemerta a 51000 goin in the income tax retum A s1000 bst in both the companys financial statemens and its wcote tiv mam No gan or kast in either the financlai statements or the income iax ietian. A 51000 iess is the franclar siagemerts, but ne ewn or loss in the noome iax than