Park & Moss Company purchased equipment on January 1, 2021. The equipment was recorded at a total cost of $50,000. The asset has a 4 year useful life and a $5,000 salvage value. The asset was sold on December 31, 2023 for cash of $24,000. 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? 3) How much is the total amount of gain or loss on the disposal? $ (enter either Gain or Loss)