Monica Inc. has decided to sell a piece of machinery that they no longer use in their production process. On January 1, 2018, Monica sells the machinery for $23,800. When the machine was purchased on January 1, 2016, Monica Inc paid $41,700 including the cost of freight and installation The machine was estimated to have a useful life of 5 years with no residual value. Monica Inc. will include which of the following when recording the sale of the equipment: Multiple Choice a loss of $1,220 would be recorded. a gain of $1,220 would be recorded. O ) a loss of $17,900 would be recorded. O a gain of $23,800 would be recorded O