An asset was purchased for $12,000. The asset's estimated useful life was 5 years and its residual value was $2,000. Straight-line depreciation was used. How much gain or loss is reported if the asset is sold for $9,000 at the end of the first year? A) $1,000 gain B) $2,000 loss C) No gain or loss D) $1,000 loss answer: D