Prinkle Corporation purchased equipment for $60,000 on January 1, 2016. On December 31, 2018, the equipment was sold for $28,000. Accumulated Depreciation as of December 31, 2018 was $31,000.
Calculate gain or loss on the sale.
A) $1,000 gain
B) $1,000 loss
C) $31,000 loss
D) no gain no loss