An asset was purchased for $30,000 on January1, 2019. Theasset's estimated useful life was fiveyears, and its residual value was $10,000 . The straight line method of depreciation was used. Calculate the gain or loss if the asset is sold for $20,000 on December31, 2019, the last day of the accounting period.

$3000 gain

$6000 gain

$6000 loss

no gain or loss