3 12 points & 01:54:31 An asset's book value is $72,000 on January 1, Year 6. The asset is being depreciated $1,000 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $52,000, the company should record: Multiple Choice A loss on sale of $2,000. A loss on sale of $1,000. A gain on sale of $1,000. Neither a gain or loss is recognized on this type of transaction. A gain on sale of $2,000.