An asset is purchased on January 1 for $41,700. It is expected to have a useful life of five years after which it will have an expected residual value of $5,400. The company uses the straight-line method. If it is sold for $30,800 exactly two years after it is purchased, the company will record a: gain of $3,620.loss of $7,280.gain of $7,280.loss of $3,620.
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