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