Speedbag, Incorporated purchased equipment at a cost of $60,000 on July 1, 2023. The expected useful life is 4 years and the asset is expected to have salvage value of $10,000. Speedbag depreciates its assets using the straight-line method. What is the company's gain or loss if the equipment is sold for $40,000 on December 31, 2024? Multiple Choice Loss of $4,400 Loss of $1,250 Gain of $1,000 Gain of $3,600 Which of the following could be a correct journal entry to record the sale of equipment? Multiple Choice Debit Debit Credit Gain on sale of equipment Accumulated depreciation Equipment Debit Credit Credit Accounts payable Accumulated depreciation Depreciation expense Debit Debit Credit Credit Cash Loss on sale of equipment Accumulated depreciation Equipment Debit Debit Debit Credit Cash Loss on sale of equipment Accumulated depreciation Equipment Speedbag, Incorporated purchased equipment at a cost of $60,000 on July 1, 2023. The expected useful life is 4 years and the asset is expected to have salvage value of $10,000. Speedbag depreciates its assets using the straight-line method. What is the accumulated depreciation for this asset on December 31, 2024? Multiple Choice $30,000 $18,750 $12,500 $25,000