An asset was acquired on January 1, 2021, for $24,000 with an estimated five-year life and $1,000 residual value. The company uses straight-line depreciation. Calculate the gain or loss if the asset was sold on December 31, 2023, for $7,300. Group of answer choices
a.$550 gain.
b.$5,200 loss.
c.$1,550 gain.
d.$2,900 loss.
e.None of the above.
