A machine costing $10,000 was purchased by Near Company. The machine had an estimated useful life of 5 years and no residual value. The machine was depreciated by the straight-line method and was sold at the end of the second year of use for $5,000 cash. At the time of the sale of the machine Near Company should record: Multiple Choice neither a gain nor a loss the computer was sold at its book value neither a gain nor a loss the gain that occurred in this case would not be recognized. a gain of $1,000 a loss of $1,000