An asset's book value is $18,200 on December 31, Year 5. The asset has been depreciated at an annual rate of $3,200 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $15,200, the company should record:
a). A loss on sale of $1,800.
b). A loss on sale of $3,000.
c). A gain on sale of $1,800.
d). A gain on sale of $3,000.
e). Neither a gain nor a loss is recognized on this type of transaction.