Pepe, Incorporated acquired 60% of Devin Company on January 1, 2020. On that date Devin sold equipment to Pepe for $45,000. The equipment had a cost of $120,000 and accumulated depreciation of $66,000 with a remaining life of 9 years. Devin reported net income of $300,000 and $325,000 for 2020 and 2021, respectively. Pepe uses the equity method to account for its investment in Devin. What is the gain or loss on equipment recognized by Devin on its internal accounting records for 2020? Multiple Choice $21.000 gain $21.000 loss $9,000 loss $54.000 gain 39.000 gain