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Question 1: A company has equipment that was purchased on January 1, 2017 for $26,000. The company has a December 31 year end, and uses the straight line method of depreciation. Management estimated the useful life of the equipment as 4 years, and its residual value of $2,000. If the equipment was sold October 1, 2019 for $10,000, what amount would the company record as a gain or loss on sale?
Option 1: $1,875 gain
Option 2: $500 gain
Option 3: $10,000 gain
Option 4: $2,500 loss
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