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 Gain of $1,000 Gain of $3,600 Loss of $1.250 Gain of $1,000 Gain of $3,600 Loss of $1,250 Loss of $4,400