Equipment was purchased for $78,000 on January 1, 2024. The equipment's estimated useful life was six years, and its residual value was $6,000. The straight- line method of depreciation was used and the company uses the calendar year. What is the amount of gain or loss if the asset is sold for $69,000 on January, 2, 2025? $3,000 gain $12,000 loss O $12,000 gain $3,000 loss

Equipment was purchased for $78,000 on January 1,2024 . The equipment's estimated useful life was six years, and its residual value was $6,000. The straightline method of depreciation was used and the company uses the calendar year. What is the amount of gain or loss if the asset is sold for $69,000 on January, 2,2025 ? $3,000 gain $12,000 loss $12,000 gain $3,000 loss