Equipment purchased on January 5, 2018, for $45,000 was depreciated using the straight-line method based upon a 5-year life and $5,000 residual value. The equipment was sold 3 years later, on December 31, 2020, for $23,000. What is the gain or loss on the sale of the equipment? O Gain of $5,000 O Loss of $4,000 O Gain of $3,000 Gain of $2,000