At the beginning of the current year, a firm purchased an asset for $60,000 and estimates that it will have a useful life of six years and a salvage value of $6,000. The asset will be depreciated using the straight-line method. The asset was sold for $36,000 at the beginning of the fourth year of use. What is the amount of gain or loss recognized on the sale?

Multiple Choice $3,000 gain. $12,000 loss. $27,000 loss. $12,000 gain.