An assets book value is $19,800 on December 31, Year 5. The asset has been depreclated at an annual rate of $4,800 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $16,800, the company should record: Multiple Choice Neither a gain nor loss is recognized on this type of transaction. A loss on sale of $3,000. A gain on sale of $3,000. A gain on sale of $4,200. K Prev 1 of 25Next> Next >