An asset was purchased for$33,000 on January1, 2019. Theasset's estimated useful life was fiveyears, and its residual value was$4,000. Thestraight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for$26,000 on December31, 2019, the last day of the accounting period.

A.

$1,200 loss

B.

$1,200 gain

C.

$600 gain

D.

no gain or no loss