Equipment, December 31, 2022 Equipment, December 31, 2023 Accumulated Depreciation, December 31, 2022 Accumulated Depreciation, December 31, 2023 $65,000 $72,000 $39,000 $30,000 During 2023, the Company sold equipment for $8,000, which had a cost of $30,000 and accumulated depreciation of $25,000. How much of a gain or loss would be recognized on the sale of equipment? Loss of $3,000 Gain of $5,000 Gain of $3,000 Gain of $9,000 Loss of $5,000

During 2023, the Company sold equipment for $8,000, which had a cost of $30,000 and accumulated depreciation of $25,000. How much of a gain er loss would be recognized on the sale of equipment? Loss of $3,000 Gain of $5,000 Gain of $3,000 Gain of $9,000 Loss of $5,000