Equipment was acquired on January 1, 2021, for $16,000 with an estimated four-year life and $1,500 residual value. The company uses straight-line depreciation. Record the gain or loss if the equipment was sold on December 31, 2023, for $6,000. Multiple Choice 5:46 $6,000 $10,875 Cash Accumulated Depreciation Equipment Gain $ 16,000 $875 $6,000 Cash Equipment Gain $5, 125 $875 $6,000 Cash Equipment Gain $3,625 $2,375 Cash Accumulated Depreciation LOSS Equipment $6,000 $7,250 $2,750 $16,000