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Calculate the loss recorded on the sale

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Question - On June 1, 2019, ABC Company paid $280,000 to purchase three machines. The market value of these assets on that date were: Machine A $96,000; Machine B $135,000; and Machine C $69,000. Before the machines could be used, ABC Company had to spend $3,900 to put Machine B in working order and $5,200 to put Machine C in working order. ABC Company uses the straight-line method to depreciate its assets.

Machine C was estimated to have a 10-year life and a $6,000 salvage value.

On September 30, 2027, ABC Company sold Machine C for $7,900 cash.

Calculate the loss recorded on the sale. Enter your answer as a number (i.e., 2,000). Do not use a minus sign, decimals, or type the word loss after your answer.

Reference no: EM131678919

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