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What was the amount of the gain or loss recorded

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Question - Bennie Razor Company has decided to sell one of its old manufacturing machines on June 30, 2022. The machine was purchased for $80,000 on January 1, 2018, and was depreciated on a straight-line basis for 10 years assuming no salvage value. If the machine was sold for $26,000, what was the amount of the gain or loss recorded at the time of the sale?

1. $18,000 loss.

2. $54,000 loss.

3. $22,000 gain.

4. $46,000 gain.

Reference no: EM133115686

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