Grove City Corp. On January 1, 2016, Grove City Corp. purchased a ship for $2,000,000. It has a ten-year useful life and a residual value of $50,000. The company uses the double-declining-balance method. If Grove City Corp. continues to use the ship in its eleventh year, what is the correct accounting procedure? O Take the asset off the books and record a gain on the disposal Continue to depreciate it O The company may not use it any longer O No longer depreciate it but leave it on the records at its book value at the end of its useful life