On January 1, 2016. Wheeler, Inc. purchased some equipment fo $3.900. The equipment had an estimated life of five years and an expected residual value of $200. On July 1, 2018, the equipment was sold for $1,000. Wheeler uses straight-line depreciation What was the amount of the loss or gain recognized in the sale? Select one: O a $1,050 loss O b. $1,850 gain OC. $3,900 loss d. $1,000 gain