Voight and Halstead Industries purchased land, a building, and some equipment on January 1, 2017 for $300,000. An appraiser valued the land at $70,000, the building at $120,000, and the equipment at $110,000. The building has a useful life of 20 years and the company expects salvage value to be $10,000. The equipment has a useful life of 10 years with a salvage value of $20,000. The company expects the equipment to be used for a total of 250,000 hours. The building is depreciated using straight-line and the equipment is depreciated using double-declining balance. Calculate the gain or loss if the equipment sold for 75,000 in year 2 (using the double-declining depreciation method). Multiple Choice 4,600 loss 5.400 loss 5,400 gain O 4,600 gain