Assume that a machine with a cost of $90 000 has accumulated depreciation of $48 000 on the date of its disposal. What is the profit or loss on disposal of the old machine if it was traded-in for $40 000 on a new machine? (Ignore GST.)

	a.	$8,000 gain
	b.	$42,000 loss
	c.	$40,000 loss
	d.	$2,000 loss