Current Attempt in Progress

Concord Razor Company has decided to sell one of its old manufacturing machines on June $30,2025.$ The machine was purchased for $$99000$ on January $1,2021,$ and was depreciated on a straight$-$line basis over a $10-$year life assuming no salvage value. If the machine was sold for $$27800,$ how much is the gain or loss to be recorded at the time of the sale?

$$56925$ loss

$$31600$ loss

$$71200$ gain

$$26650$ loss