Q9.16: Wells Company has a calendar year reporting period. On July 1, 2020, Wells Company's delivery truck, with an original cost of $56,000, was sold to Fargo Corporation for $22,000. The January 1, 2020, balance in the Accumulated Depreciation account was $38,000. Depreciation for the first six months of 2020 was $3,000. How much is the gain or loss on this sale? A $7,000 loss B $7,000 gain C $4,000 gain D $1,000 loss