An asset's book value is $19,700 on December 31, Year 5. The asset has been depreciated at an annual rate of $4,700 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $16,700, the company should record: Multiple Choice A gain on sale of $3,000. A gain on sale of $4,050. A loss on sale of $3,000. A loss on sale of $4,050. Neither a gain nor a loss is recognized on this type of transaction.