An asset was purchased for $28,000 on January 1, 2016. The asset's estimated useful life was five years, and its residual value was $12,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $24,000 on December 31, 2016, the last day of the accounting period. $800 loss $400 gain $800 gain no gain or no loss