Moritz Company purchased a new machine on May 1, 2001 for $132,000.At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated residual value of $6,000.The company has recorded monthly depreciation using the straight-line method.On March 1, 2010, the machine was sold for $18,000.What should be the loss recognized from the sale of the machine?

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The Answer of Moritz Company purchased a new machine on May 1, 2001 for $132,000.At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated residual value of $6,000.The company has recorded monthly depreciation using the straight-line method.On March 1, 2010, the machine was sold for $18,000.What should be the loss recognized from the sale of the machine?

Moritz Company Purchased a New Machine on May 1, 2001