Equipment was acquired on January 1, 2021, for $20,000 with an estimated four-year life and $2,000 residual value. The company uses straight-line depreciation. Record the gain or loss if the equipment was sold on December 31, 2023, for $7,200. 0 Cash $7,200 Equipment Gain $6,500 $700 0 Cash Accumulated Depreciation Loss Equipment $7,200 $9,000 $3,800 $20,000 0 $7,200 Cash Equipment Gain $4,500 $2,700 $7,200 $13,500 Cash Accumulated Depreciation Equipment Gain $20,000 $700