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THE Company purchased a new machine on June 1, 2021 for $164,000. The machine was...

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Accounting

THE Company purchased a new machine on June 1, 2021 for $164,000. The machine was assigned a salvage value of $8,000 and an expected life of 20 years. The straight-line depreciation method will be used to calculate depreciation on the machine. On September 30, 2029, the machine was sold for $26,000 cash. Calculate the amount of the loss recorded on the sale. Do not place a minus sign in front of your answer.

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