Metal recycling equipment acquired on January 3, 2013, at a cost of $100,000, has an estimated useful life of 8 years and residual value of $20,000. Assuming the asset is depreciated using straight-line and the equipment is sold for $72,000 on July 1, 2015, what gain or loss needs to be recognized?

A. Gain $2,000

B. Gain $17,000

C. Loss $3,000

D. Loss $12,000

E. Gain $3,000