Jerabek Inc. decided to sell one of its fixed assets that had a cost of

$50,000 and accumulated depreciation of $35,000 on July 1, 2009. On that date, Jerabek sold the fixed asset for $20,000. What was the resulting gain or loss from the sale of the asset?

a. $5,000 loss

b. $5,000 gain

c. $15,000 loss

d. $15,000 gain