QUESTION 3 Park & Moss Company purchased equipment on January 1, 2021. The equipment was recorded at a total cost of $50,000. The asset has a 5 year useful life and a $3,000 salvage value. The asset was sold on December 31, 2023 for cash of $15,000. 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, 202317 $ 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