Ngu Owns Equipment That Cost $93,500 with Accumulated Depreciation of $64,000

Ngu owns equipment that cost $93,500 with accumulated depreciation of $64,000. Ngu asks $35,000 for the equipment but sells the equipment for $33,000. Compute the amount of gain or loss on the sale.

A) $5,500 loss.
B) $3,500 gain.
C) $5,500 gain.
D) $3,000 gain.
E) $3,500 loss.