• Brady, Inc., uses straight-line depreciation for all of its depreciable assets. Brady sold a used piece of machinery on December 31, 2019, that it purchased on January 1, 2018, for $10,000. The asset had a five-year life, zero residual value, and $2,000 accumulated depreciation as of December 31, 2018. If the sales price of the used machine was $5,500, the resulting gain or loss upon the sale was which of the following amounts? (Hint: watch the dates.)