Buggy Company purchased equipment on January 1, 2019, for $100,000. The residual value is $10,000 and the estimated life is 10 years. Assuming the company uses the double-declining blaance method to depreciate this asset, compute the amount of gain/loss that Buggy Company would report if they sold the equipment for $70,000 on December 31, 2020. Buggy Company would report if they so on December 31, 2020. $12,000 loss $6,000 gain $10.000 loss $4,400 gain None of the above