A company sells a plant asset which originally cost $240,000 for $80,000 on December 31, 2013. The Accumulated Depreciation account had a balance of $96,000 after the current year's depreciation of $24,000 had been recorded. The company should recognize a $160,000 loss on disposal. $64,000 gain on disposal. $64,000 loss on disposal. 40,000 loss on disposal