An asset was acquired on January 1, 2021, for $25,000 with an estimated four-year life and $1,000 residual value. The company uses straight-line depreciation. Calculate the gain or loss if the asset was sold on December 31, 2023, for $7,600.
A. 600 gain
B. 5,400 loss
C. 1,600 gain
D. 600 loss