Question: An asset's book value is $18,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $3,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $15,000, the company should record: Question options: A loss on sale of $12,000. A gain on sale of $12,000. Neither a gain nor a loss is recognized on this transaction. A gain on sale of $3,000. A loss on sale of $3,000.