email address. Required 1. As of December 31, 2019, ABC Company owned the tangible fixed assets. These assets were equipment, furniture, and a lorry. To depreciate the equipment and furniture, ABC Company used straight-line method. On the other hand, to depreciate lorry, ABC Company used double- declining balance method. To depreciate these assets, ABC Company used depreciation for fractional years rounded to the nearest whole month. The details of these assets were as follows: Purchase Date Lorry February 28, 2014 Equipment March 1, 2017 Furniture August 1, 2017 Original Cost Residual value $120,000 $5,000 $42,500 $500 $38,000 $2,000 Useful life 10 years 8 years 6 years Assume that the furniture is sold on December 31, 2020 for $19,180. The sale of furniture on December 31, 2020 will result in: * (3 Points) $1,600 Loss $1,680 Gain $1,700 Gain $1,700 Loss