Moped, Inc. purchased machinery at a cost of $44,000 on January 1, 2017. The expected useful life is 5 years and the asset is expected to have salvage value of $4,000. Moped depreciates its assets using the double-declining balance method.What is the firm's gain or loss if the machinery is sold for $22,000 on December 31, 2018?
A) Gain of $8,000
B) Gain of $6,160
C) Loss of $1,200
D) Loss of $8,000
Correct Answer:
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