deprectation using the straight-4ine method, a five-year service life, and an $7,000 residual value. 1. What was the gain or loss on the sale? 2. Record the sale. Complete this question by entering your answers in the tabs below. What was the gain or loss on the sale? deprectation using the straight-4ine method, a five-year service life, and an $7,000 residual value. 1. What was the gain or loss on the sale? 2. Record the sale. Complete this question by entering your answers in the tabs below. What was the gain or loss on the sale