quiz10

An asset was acquired on September 30,2024 , for $120,000 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 $61,000 on December 31, 2025? (Hint: Partial-year depreciation should be calculated.) $1,440 gain $3,800 loss $33,800 loss $16,800 gain