On April 30, Year 1, Tilton Products purchased machinery for $44,000. The machinery is expected to have an 8 year life and an estimated residual vilue of $4,000. Tilton uses a calendar year-end for financial reporting. Refer to the information above, In Year 7 , Tilton Products sells this mochinery for $2,000. At the date of salo, the machinery had been depreciated by Tilton Products to its estimated residual value of $4,000. This sale results in: Multiple Choice No gain or loss in either the financial statements or the income tax return. A $2.000 ioss in the financial statements; a $2.000 gain in the income tax return. A $2,000 loss in both the company's financial statements and its income tax return A $2,000 loss in the financial statements, but no gain or loss in trie income tax refurn