Question 12 4 pts 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. What gain or loss would be reported on the sale of the fixed asset using straight-line depreciation? $3,500 gain $5,000 loss $3,500 loss $5,000 gain