An Asset Was Purchased for $31,000 on January 1,2016

An asset was purchased for $31,000 on January 1,2016.The asset's estimated useful life was five years,and its residual value was $8,000.The straight-line method of depreciation was used.Calculate the gain or loss if the asset is sold for $21,000 on December 31,2016,the last day of the accounting period.

A) $2,700 gain
B) 5,400 loss
C) 5,400 gain
D) no gain or no loss