On Ist January, 1993, lobo Company purchased equipment for N18,000. it uses straight-line depreciation and estimates an eight-year useful life and a N2,000 salvage value. On 31st December, 1996, it sells the equipment for N80,0000. In recording this sales, it should reflect?

• A.N10,000 loss
• B.N2,000 loss
• C.N6,000 gain
• D.N8,000 gain
• E.