On January 1, Year 1, Raven Limo Service, Incorporated paid $74,000 cash to purchase a limousine. The limo was expected to have a five-year useful life and a $14,000 salvage value. On January 1, Ycar 3 the limo was sold for $54,000 cash. Assuming Raven uses straight-line depreciation, the Company would recognize how much gain or loss? On January 1, Year 1, Raven Limo Service, Incorporated paid $74,000 cash to purchase a limousine. The limo was expected to have a five-year useful life and a $14,000 salvage value. On January 1, Year 3 the limo was sold for $54,000 cash. Assuming Raven uses straight-line depreciation, the Company would recognize how much gain or loss? On January 1, Year I, Raven Limo Service, Incorporated paid $74,000 cash to purchase a limousine. The limo was expected to have a five-year useful life and a $14,000 salvage value. On Jantary 1. Year 3 the limo was sold for $54,000 cash. Assuming Raven uses straight-line depreciation, the Company would recognize how much gain or loss