Chetona uses the diminishing-balance method at one times the straight-line depreciation rate. Chetona Limited purchased delivery equipment on March 1, 2019, for $130,000 cash. At that time, the equipment was estimated to have a useful life of five years and a residual value of $10,000. The equipment was disposed of on November 30, 2021. Chetona uses the diminishing-balance method at one times the straight-line depreciation rate, has an August 31 year end, and makes adjusting entries annually. What would be the total gain or loss if the equipment was sold for $80,0000 on November 30, 2021? $ 8,864 loss $ 10,864 loss $ 10,000 gain $ 8,864 gain