A company bought a machine for $5000 on 1 January 2011, which had an expected resiudal value of $1000. The asset was to be depreciated on straight-line basis for 4 years. On 31 December 2013 the machine was sold for $1600.

The amount to be entered in the 2013 statement of profit and loss statement:

a) $600 gain

b) $350 gain

c) $400 loss

d) $600 loss