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? Take the asset off the books and record a gain on the disposal O Continue to depreciate it The company may not use it any longer No longer depreciate it but leave it on the records at its book value at the end of its useful life