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An asset's book value is $19,400 on December 31, Year 5. The asset has been depreciated at an annual rate of $4,400 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $16,400, the company should record:

Multiple Choice

A. A gain on sale of $3,600.

B. A gain on sale of $3,000.

C. A loss on sale of $3,000.

D. Neither a gain nor a loss is recognized on this type of transaction.

E. A loss on sale of $3,600.