9) A plant asset is sold for $1,000. The original cost was $9,000, salvage value was estimated at $200, and useful life was estimated at 12 years. At time of sale, accumulated depreciation was $8,500. The sale resulted in a gain of $500. (T/F)

10) An asset was purchased for $12,000. The asset's estimated useful life was 5 years, and its residual value was $2,000. Straight-line depreciation was used. How much gain or loss is reported if the asset is sold for $4,500 at the end of the third year?

A) $1,500 gain

B) $2,000 loss

C) No gain or loss

D) $1,500 loss