Bonneau Enterprises decides to sell one of their delivery trucks on July 12. The business uses a calendar year for their fiscal year and uses the straight-line method for accounting for depreciation. The truck was purchased five years ago in January for $20,000 with an estimated salvage value of $2,000 and estimated useful life of 6 years. The truck was sold for $7,000. What is the amount of the gain or loss on disposal of the truck? $500 loss $2,000 loss $500 gain $2,000 gain