Question 11 5 pts Crater Company disposed of an asset at the end of the eighth year of its estimated life for $12,000 cash. Crater initially estimated the useful life to be ten years. The original cost was $50,000, with an estimated residual value of $5,000. Assuming Crater used the straight-line method for depreciating the asset. What was the gain or loss on the disposal? $2,000 gain. $5,500 gain. $2,000 loss. $5,500 loss