At the beginning of Year 1, ABC Company purchased a piece of equipment for $1,000. This equipment was expected to last 10 years at which time ABC hoped to sell the equipment for $200. At the beginning of Year 11, ABC Company sold the equipment for $300. ABC Company uses the straight line depreciation method. What is the gain or loss recognized on the sale of this equipment? $620 loss $700 loss $500 loss $100 gain