1 An asset is purchased on January 1 for $44,200. It is expected to have a useful life of four years after which it will have an expected residual value of $5,900. The company uses the straight-line method. If it is sold for $31,800 exactly two years after it is purchased, the company will record a: 0.5 points Multiple Choice O O loss of $5,650 loss of $6,750. gain of $5,650 gain of $6.750