Carter Company disposed of an asset at the end of the eighth year of its estimated life for $14,000 cash. The asset's life was originally estimated to be 10 years. The original cost was $58,800 with an estimated residual value of $5,800. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal?

Multiple Choice

• $14,000 gain.

• $3,400 loss.

• $2,400 loss.

• $8,700 gain.