Vega Corp. acquired an asset on October 1, 2020, for $93,000. The asset has an estimated five-year life and $19,250 residual value. The company uses units-of-production depreciation and expects the asset to produce 25,000 units. Actual production was: 2020 = 500 units; 2021 = 5,200 units; 2022 = 7,300 units; 2023 = 1,000 units. Vega Corp. sold the asset on March 31, 2023, for $63,000. What gain or loss did the company recognize because of the sale?

Multiple Choice

• $11,300 gain.

• $11,500 gain.

• $24,000 gain.

• $19,400 gain.