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An asset was purchased for $26,000 on January 1, 2019. The asset's estimated useful life...

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Accounting

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An asset was purchased for $26,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $8,000. The straight line method of depreciation was used. Calculate the gain or loss if the asset is sold for $18,000 on December 31, 2019, the last day of the accounting period. O A. $4,400 loss OB. $2,200 gain OC. $4,400 gain OD. no gain or no loss The cost of an asset is $1,150,000, and its residual value is $290,000. Estimated useful life of the asset is ten years. Calculate depreciation for the first year using the double - declining - balance method of depreciation. (Do not round any intermediate calculations, and round your final answer to the nearest dollar.) O A. $172,000 O B. $115,000 O C. $86,000 O D. $230,000 Mercer, Inc. provides the following data for 2019: Net Sales Revenue Cost of Goods Sold 600,000 360,000 The gross profit as a percentage of net sales is (Round your answer to two decimal places.) O A. 38.34% O B. 40% C. 60% O D. 41%

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