esc 2 option S MySCU Portal - Login to Santa Clara University Q A N < 157 of 423 > c. $520,000 d. Cannot be determined from the information given. 3. Maks, Inc., uses straight-line depreciation for all of its depreciable assets. Maks sold a used piece of machinery on December 31 of this year that it purchased on January 1 of last year for $10,000. The asset had a five-year life, zero residual value, and $2,000 accumulated depreciation as December 31 of last year. If the sales price of the used machine was $7,500, the resulting gain or loss upon the sale was which of the following amounts? a. Loss of $500 b. Gain of $500 c. Loss of $1,500 d. Gain of $1,500 e. No gain or loss upon the sale. 4. Under which method(s) of depreciation is an asset's net book value the depreciable base (the amount to be depreciated)? a. Straight-line method b. Declining-balance method c. Units-of-profiuction method d. All of the above 5. What assets should be amortized using the straight-line method? a. Intangible assets with definit