An asset's book value is $21,600 on January 1, Year 6. The asset is being depreciated $300 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $15,700, the company should record:

a. neither gain or loss

b. loss of 250 on sale

c. gain of 250

d. gain on sale of 500

e. loss on sale of $500