Park \& Moss Company purchased equipment on January 1, 2021. The equipment was recorded at a total cost of $50,000. The asset has a 6 year useful life and a $6,000 salvage value. The asset was sold on December 31, 2023 for cash of $26,000. Answer the following questions regarding the disposal of the asset assuming the company uses straight-line depreciation. 1) What is the book value of the asset at the time of sale (December 31,2023) ? $ 2) Will the company record a gain or a loss on the disposal of the asset? (enter either Gain or Loss) 3) How much is the total amount of gain or loss on the disposal? $ The Gold Ring Company purchased equipment on April 1, 2021 for $85,000. The asset has a $7,000 residual value and a 4 year life. Which of the following represents the adjusting entry the company would record on December 31, 2021