20) An asset was purchased for $24,000. The asset's estimated useful life was 5 years, and its residual value was $4,000. The straight-line method of depreciation was used. Calculate the gain or loss on sale if the asset is sold for $18,000 at the end of the first year A) $1,000 gain B) $2,000 loss C) no gain or no loss D) $2,000 gain