An asset was acquired on January 1, 2021, for $24,000 with an estimated five-year life and $1,000 residual value. The company uses straight-line depreciation. Calculate the gain or loss if the asset was sold on December 31, 2023, for $7,300. $550 gain. $5,200 loss. $1,550 gain. $2,900 loss. None of the above