On September 1,2012,Algernon Company Sold a Truck for $15,000 Cash

On September 1,2012,Algernon Company sold a truck for $15,000 cash.The truck was originally purchased for $40,000,had an estimated salvage value of $4,000 and an estimated life of 6 years.Algernon had recorded depreciation of $30,000 through the end of 2011 using Straight-Line.First,Algernon had to update the depreciation prior to sale.Then Algernon recorded the sale transaction.What was the effect of that transaction on the net income of the company?

A) No gain or loss
B) Gain of $9,000
C) Gain of $15,000
D) Loss of $9,000