XYZ Unlimited purchased a machine for $63,000 on July 1, year 1. The machine had an estimated life of 6 years; estimated residual value of $3,000. XYZ sold the machine on December 31, year 4 for a sales price of $25,000. What was the gain or loss on the sale of the machine? XYZ uses the calendar year as its fiscal year and straight-line depreciation.

Group of answer choices

No gain or loss

$3,000 loss

$2,000 loss

$3,000 gain

Answer rating: 100% (QA)

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