Question 3 (3 points) On Jan. 1, 2017, a company purchased equipment at a cost of $60,000. Depreciation has been recorded at a rate of $6,000 per year, resulting in a balance in accumulated depreciation of $18,000 and book value of $42,000 at Dec 31, 2019. The equipment was sold on June 1, 2020, for $34,000. Based on the above information, the amount of gain or loss on sale of the equipment is? O A gain of $ 8,000. O A loss of $ 8,000 A loss of $ 5,500. A gain of $ 5,500