Equipment was acquired on January 1, 2018, for $15,000 with an estimated 4-year life and $1,000 residual value. The company uses straight-line depreciation. Record the gain or loss if the equipment was sold on December 31, 2020, for $5,000. Multiple Choice 5,000 Cash Accumulated Depreciation 7,000 LOSS 3,000 | Equipment 15,000 Cash Accumulated Depreciation Equipment Gain Cash Equipment | Gain 3,500 1,500 5.000 Cash Equipment