On January 1, 202x Powerhouse, Inc. purchased a $10,000 electric bike to make deliveries to student classrooms. The EBike had a 5 year useful life and residual value of $2,000. After 3 full years of using the E-Bike, Powerhouse decided to sell it for $4,000 and buy a newer version with more torque. Assume January 1st of year 4 it was sold. What is the gain or loss on the disposition of the old E-Bike to be recorded on Powerhouse's 202x income statement? A$6,000 Loss B $6,000 Gain C $1,200 Gain D $800 Gain E $1,200 Loss