An asset that originally cost OMR 26,000 and had accumulated depreciation on it of OMR 18,000 was disposed of during the year for OMR 5,000 cash. How should the disposal be accounted for in the income statements?

a) Loss on asset disposal OMR 5,000

b) Gain on asset disposal OMR 3,000

c) Gain on asset disposal OMR 5,000

d) Loss on asset disposal OMR 3,000