On December 31, 2018, Plattsville Plastics Decided to Dispose of an Extrusion

On December 31, 2018, Plattsville Plastics decided to dispose of an extrusion machine. The original cost was $490,000 and accumulated depreciation was $315,000. On December 31, 2018, the fair value of the machine was determined to be $130,000. Which of the following would be included in a related adjusting entry on December 31, 2018.

A) debit Loss on Machine Held for Disposal for $175,000
B) debit Loss on Machine Held for Disposal for $45,000
C) credit Loss on Machine Held for Disposal for $175,000
D) credit Loss on Machine Held for Disposal for $45,000