TB MC Qu. 9-171 (Algo) An asset is purch An asset is purchased on January 1 for $48,700. It is expected to have a useful life of five years after which it will have an expected residual value of $6,800 The company uses the straight line method. If it is sold for $33,600 exactly two years after it is purchased, the company will record Multiple Choice gain of $13,440 loss of $1660 gain of $1660 loss of $13.440