Required information [The following information applies to the questions displayed below.] This year, Amy purchased $3,500 of equipment for use in her business. However, the machine was damaged in a traffic accident while Amy was transporting the equipment to her business. Note that because Amy did not place the equipment into service during the year, she does not claim any depreciation or cost recovery expense for the equipment. a. After the accident, Amy had the choice of repairing the equipment for $2,220 or selling the equipment to a junk shop for $540. Amy sold the equipment. What amount can Amy deduct for the loss of the equipment