On July 1, 2016, ABC Company purchased a fixed asset for $50,000. The fixed asset had a 5-year estimated useful life, $5,000 salvage value, and was depreciated using the straight-line method. ABC sold the fixed asset on January 1, 2018 for $40,000. If instead, ABC had been using the double-declining balance method of depreciation, what gain or loss would have been reported on the sale of the fixed asset? $12,400 gain $16.000 gain $12,400 loss $15.000 gain