Question - An asset was purchased for $30,000 on January 1, 2019. 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, 2019, the last day of the accounting period.
$3000 gain
$6000 gain
$6000 loss
No gain or loss