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  3. an asset's book value is $19,700 on december 31, y

An asset's book value is $19,700 on December 31, Year 5. The asset has been...

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Accounting

An asset's book value is $19,700 on December 31, Year 5. The asset has been depreciated at an annual rate of $4,700 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $16,700, the company should record:

A gain on sale of $3,000.

Neither a gain nor a loss is recognized on this transaction.

A loss on sale of $3,000.

A loss on sale of $4,050.

A gain on sale of $4,050.

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