QUESTION 45 The records of Mad Men Company showed the following about a laser cutting machine: Purchased on 1/1/2014 for $146,000 Estimated residual value, $6,000 Estimated life, 7 years Sold the machine on 4/1/2017 for $70,000 cash Assume Mad Men uses the straight-line depreciation method. Mad Men should record a of $ on the sale of the machine. Use the following abbreviations for the first blank: G for gain L for loss Indicate the dollar amount for the second blank. Do not use the $ sign or a decimal in your answer. Commas are ok