An asset that costs $20,000 and has accumulated depreciation of $6,500 is sold for $12,000. What amount of gain or loss will be recognized when the asset is sold?

An asset that costs $20,000 and has accumulated depreciation of $6,500 is sold for $12,000. What amount of gain or loss will be recognized when the asset is sold? Multiple Choice A loss of $8,000 A gain of $1,500 A loss of 51,500