An asset was purchased for $31,000 on January 1, 2019. The asset’s estimated useful life was…

An asset was purchased for $31,000 on January 1, 2019. The asset’s estimated useful life was five years, and its residual value was $4,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $23,000 on December 31, 2019, the last day of the accounting period. O A. $2,600 gain OB. $1,300 gain OC $2,600 loss OD. no gain or no loss Click to select your answer. 28 Downl rays_P MacBook Air 80 DHI FS ଏ 57 590