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QUESTION 3 XYZ Corporation purchased equipment for $58,000 on January 1, 2017 On December 31, 2019, the equipment was sold for $24,000. Accumulated Depreciation as

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QUESTION 3 XYZ Corporation purchased equipment for $58,000 on January 1, 2017 On December 31, 2019, the equipment was sold for $24,000. Accumulated Depreciation as of December 31, 2019 was $33,000. Calculate gain or loss on the sale. $33.000 loss $1000 loss $1000 gain no gain, no loss

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