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Sumner Company has an asset that cost $35,0005 years ago. The asset currently has accumulated...

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Accounting

Sumner Company has an asset that cost $35,0005 years ago. The asset currently has accumulated depreciation of $30,000. Sumner sells the asset for $9,000.
Which of the following is correct?
Sumner Company has an asset that cost $35,0005 years ago. The asset currently has accumulated depreciation of $30,000. Sumner sells the asset for $9,000.
Which of the following is correct?
A loss of $4,000 should be recognized.
A loss of $21,000 should be recognized.
A gain of $4,000 should be recognized.
A gain of $21,000 should be recognized.

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