On April 30, Year 1, Tilton Products purchased machinery for $264,000. The useful life of this machinery is estimated at 8 years, with an $24,000 residual value. Tilton uses a calendar year-end for financial reporting. In Year 7, Tilton Products sells this machinery for $18,000. At the date of sale, the machinery had been depreciated by Tilton Products to its estimated residual value of $24,000. This sale results in: Multiple Choice A $6,000 loss in both the company's financial statements and its income tax return. No gain or loss in either the financial statements or the income tax return. A $6,000 loss in the financial statements, but no gain or loss in the income tax return. A $6,000 loss in the financial statements; a $6,000 gain in the income tax return