An asset was acquired on September 30, 2021, for $104,000 with an estimated five-year life and $25,000 residual value. The company uses double-declining-balance depreciation. Calculate the gain or loss if the asset was sold on December 31, 2022, for $54,000. Partial-year depreciation is to be calculated.
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Home » Business » An asset was acquired on September 30, 2021, for $104,000 with an estimated five-year life and $25,000 residual value. The company uses double-declining-balance depreciation.