An asset's book value is $18,800 on December 31, Year 5. The asset has been depreciated at an annual rate of $3,800 using the straight-line method. Assuming the asset is sold on December 31. Year 5 for $15,800, the company should record: Multiple Choice A gain on sale of $2,700. Neither a gain nor a loss is recognized on this transaction. A loss on sale of $3,000. A loss on sale of $2,700. A gain on sale of $3,000