n asset was acquired on September 30, 2024, for $118,000 with an estimated five-year life and $30,000 residual value. The company uses double-declining-balance depreciation. What is the gain or loss if the asset was sold for $60,000 on December 31, 2025? (Hint: Partial-year depreciation should be calculated.) Multiple Choice $33,720 loss $1,416 gain $16,520 gain $3,720 loss