Bennie Razor Company has decided to sell one of its old manufacturing machines on June 30, 2012. The machine was purchased for $80,000 on January 1, 2008, and was depreciated on a straight-line basis for 10 years assuming no salvage value. If the machine was sold for

$26,000, what was the amount of the gain or loss recorded at the time of the sale?

(a) $18,000 loss.

(c) $22,000 gain.

(b) $54,000 loss.

(d) $46,000 gain.