Goodfellow Corporation acquired an asset on October 1, 2021, for $101,000 with an estimated five-year life and $21,000 residual value. The company uses units-of-production depreciation and expects the asset to produce 32,000 units. Calculate the gain or loss if the asset was sold on March 31, 2024, for $74,000. Actual production was: 2021 = 800 units; 2022 = 7,000 units; 2023 = 8,000 units; 2024 = 1,200 units.

\Multiple Choice

• $24,240 gain.

• $15,800 gain.

• $30,800 gain.

• $15,500 gain.