Chapter 9 Unanswered . l attempt left. Due on Apr 3 Equipment with a cost of $30,000 ($2,000 residual value) is purchased on 1/1/19 with an estimated 4 year life, and the company uses straight line depreciation. The company decides to sell the machine for $20,000 on 6/30/20. Which of the following statements is true? There is a $10,000 gain on this transaction There is a $500 loss on this transaction The net book value of the asset is $16,000 There is a $500 gain on this transaction Submit