StMoritz Company Purchased a New Machine on May 1, 2005

question 95

Multiple Choice

St.Moritz Company purchased a new machine on May 1, 2005 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, 2014, the machine was sold for $18,000.What is the loss recognized from the sale of the machine?

• A)$0
• B)$2,700
• C)$6,000
• D)$8,700

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