An Asset Was Purchased for $12 000

An asset was purchased for $12 000. The asset's estimated useful life was 5 years, and its residual value was $2 000. Straight- line depreciation was used. How much gain or loss is reported if the asset is sold for $3 000 at the end of the fifth year?

A) $2 000 loss
B) No gain or loss
C) $1 000 loss
D) $1 000 gain