On April 30, Year 1, Tilton Products purchased machinery for $55,000. The useful life of this machinery is estimated at 8 years, with an $5,000 residual value. Titon uses a calendar year-end for financial reporting In Year 7. Tilton Products sells this machinery for $3,000. At the date of sale, the machinery had been depreciated by Tilton Products to its estimated residual value of $5,000 This sale results in Multiple Choice A $2,000 ions in the financial statements, a $2,000 gain in the income tax return O $2.000 tos in both the company's triancial statements and is income tax return No gain or loss in either the financial statements or the Income tax return O A $2,000 loss in the financial statements, but no gain or loss in the income tax retum