A loss on sale of a plant asset occurs when the proceeds of the sale are: Select one: a. Less than fair value of the asset sold. b. Greater than book value of the asset sold. c. Less than book value of the asset sold. d. Less than residual value of the asset sold. On July 1, 2011, Mazaya Company places a new asset into service. The cost of the asset is R.0.80,000 with an estimated 5-year life and R.O.20,000 residual value at the end of its useful life. What is the book value of the plant asset on the December 31, 2011, statement of financial position assuming that Mazaya Company uses the double-declining-balance method of depreciation? Select one: a. R.O.48,000 b.R.O.72,000 CR.0.64,000 d. R.0.62,000