On July 1, 2020, Elite Company sells a delivery truck for $8,000 cash. The delivery truck originally cost $25,000 and as of January 1, 2020, had accumulated depreciation of $16,000. Depreciation for the first six months of 2020 is $2,000. Answer the following questions based on the given information: Assume that instead of selling the delivery truck for $8,000, Elite sells it for $5,000 on July 1, 2020. What will be the net loss or gain from the disposal of this asset on July 1, 2020? Gain of $1,000 on the disposal of delivery truck Loss of $1,000 on the disposal of delivery truck Gain of $,000 on the disposal of delivery truck Loss of $2,000 on the disposal of delivery truck