QUESTION 7 An asset was purchased for $40,000 on January 1, 2020. The asset's estimated useful life was five years, and its residual value was $10,000 The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $20,000 on December 31, 2021, the last day of the accounting period no gain or no loss $8,000 gain $8,000 loss O $4,000 loss Lick Save and Submit to save and submit. Click Save All Answers to save all answers. DELL