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An asset was purchased for $38 000 n January 1, 2018. The assor's estimated useful to...

An asset was purchased for $38 000 n January 1, 2018. The assor's estimated useful to was five years, and its residual value is $8.000 The straight-line method of depreciation was used calculate the gain or loss if the asset is sold for $19,000 on December 31, 2019, the last day of the accounting period

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As the asset was sold on the last day of the accounting year, depreciation was charged for the year before selling the asset.

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