Agamemnon Ltd. disposed of an asset at the end of the eighth year of its estimated life for $20,000 cash. The assets life was originally estimated to be 10 years. The original cost was $100,000 with an estimated residual value of $10,000. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal

4,000 loss

8,000 gain

4,000 gain

8,000 loss