A commercial oven with a cost of $50,000, $5,000 residual value, is purchased on 1/1/16 with an estimated 5 year life and estimated 90,000 baking hours. The company uses units of production depreciation. The company baked 8,000 hours in 2016 and 12,000 hours in 2017. The company decides to sell the oven for $32,000 on 12/31/17. Which of the following statements is true? There is an $8,000 loss on the transaction There is an $8,000 gain on the transaction There is a $10,000 loss on the transaction There is a $14,000 gain on the transaction