Ecker Company purchased a new machine on May 1, 2006 for $352,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $16,000. The company has recorded monthly depreciation using the straight-line method. The annual depreciation expense is $33,600. The accumulated depreciation is $296,800 as of March 1, 2015. On March 1, 2015, the machine was sold for $48,000. What should be the loss recognized from the sale of the machine? A. $0. B. $7,200. C. $16,000. D. $23,200.