Harley Company sold one of its worn out delivery trucks on December 31, 2016. The truck was purchased on January 1, 2013, for $50,000 and was depreciated on a straightline basis over a 5year life. There was no salvage value associated with the truck. If the truck was sold for $14,000, what was the amount of gain or loss recorded at the time of the sale?

Select one:

$4,000 loss

$14,000 gain

$4,000 gain

$6,000 loss