Elvera is the equipment manager at Kemmer Corp and needs to dispose of a long term asset. If the company disposes of the long term asset which has a book value of $$40,000$ for $$55,000$ in cash then:

A Loss of $$15,000$ is recorded.

A Gain of $$55,000$ is recorded.

A Gain of $$15,000$ is recorded.

A Gain of $$40,000$ is recorded.