The Black Company purchased equipment on June 1, 2020. Assuming the cost of the equipment is $66,000, the residual value is $6,000, a useful life of 5 years and the use of the straight line method. The company's year end is December 31.

1) What is depreciation expense at December 31, 2020?

2) What is accumulated depreciation at December 31, 2022?

3) What is the carrying value of the asset at December 31, 2023?

4) What is the carrying value of the asset at January 1, 2024?

5) What is depreciation expense at December 31, 2025?

You were asked to prepare the journal entry to record the sale of the above equipment on December 31, 2022.

Is it a gain or loss if the equipment was sold for $30,000?

How much is the gain or loss?