ABC Aerospace Inc. adheres to IFRS and applies component accounting to its major long-lived asset categories. Accordingly, the following data pertain to the company's fleet of test aircraft as at December 31, 2013 (in millions $) CategoryCostAccumulated Depreciation Net Book Value Avionics $100 $48 Fuselage & Wings $200 $120 Aircraft Engines $20 $52 580 $4 $16 Additional information includes the following: a - The avionics have a salvage value $2 and a remaining useful life of ten years and are depreciated on a straight-line basis, -Both the fuselage and wings and aircraft engines are depreciated at a declining rate of 25%. On July 14, 2014, the aircraft's engines were all disposed of for $1.5 million. On that same date, new engines were purchased in the amount of $10 million with a useful life of 20 years and no salvage value. Determine the gain or loss on disposal of the old aircraft engines. Select one OASNil OB. $2,000,000 OC $500,000 O D. $3,500,000