On September 1,20x1 Jackson Company paid $170,000 to purchase equipment that has an estimated life of 8 years and an estimated residual value of $30,625. Jackson will depreciate the equipment using double-declining balance. The equipment was sold at a gain of $10,000 on January 1,20x3. Calculate the gain or loss on sale. State whether it is a gain or a loss. SHOW YOUR CALCULATIONS