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Waterbury Company acquired a dump truck that cost $68,000. The company estimated it could sell the truck for $12,000 at the end of its estimated

Waterbury Company acquired a dump truck that cost $68,000. The company estimated it could sell the truck for $12,000 at the end of its estimated life of 5 years.

How much is the gain or loss on the sale if the double declining balance is used and the asset is sold for $12,000 on December 31, Year 5?

A. $0

B. $12,000 Gain

C. $12,000 Loss

D. $56,000 loss

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