8) An asset was purchased for $37,000 on January 1, 2019. The asset's estimated useful life was five 8) years, and its residual value was $9000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $19,000 on December 31, 2019, the last day of the accounting period. A) $12,400 loss C) $12,400 gain B) $6200 gain D) no gain or no loss