An asset is purchased on January 1 for $47,700. It is expected to have a useful life of five years after which it will have an expected residual value of $6,600. The company uses the straight-line method. If it is sold for $33,200 exactly two years after it is purchased, the company will record a: Multiple Choice loss of $1,940. gain of $1,940. loss of $12,560. gain of $12,560