13.09 ill 4G 4 < Chapter 9-Investments: Property, Pl... 4/14 Sheet 4.Multiple-Choice(5 Points) Medium A depreciable asset costing $75,000 is purchased on September 1, Year 1. The asset is estimated to have a residual value of $10,000 and an estimated useful life of 4 years. Double- declining-balance depreciation is used. If the asset is sold on December 31, Year 3 for $13,000, the journal entry to record the sale will include: A A credit to gain on sale for $8,000. B A debit to loss on sale for $2,625. A credit to accumulated depreciation for $59,375. DA debit to loss on sale for $3,042. next