Pharoah Company purchased a new machine on September 1, 2022 at a cost of $145,000. The company estimated that the machine will have a salvage value of $14,000. The machine is expected to be used for 10,000 working hours during its 5-year life Assume the straight-line method is used. What amount of gain or loss would Pharoah recognize if they sell the asset for $70,000 on 1/1/25 $ gain eTextbook and Media List of Accounts Save for Later Attempts:0 of 3 used Submit