Use the information provided below to answer the following question (same for set of 3 questions). On January 2, 20X6, Kansas Corporation acquired equipment for $140,000. The estimated life of the equipment is 5 years or 20,000 hours. The estimated residual value is $40,000. Suppose Kansas Corp. purchased this equipment on July 17, 20X6, and sold it on April 19, 20X8, for $95,000. The amount of gain or loss is: gain of $60,000 gain of $10,000 gain of $15,000 loss of $10,000