Ecker Company purchased a new machine on May 1, 2012 for $524,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $44,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2020, the machine was sold for $85,000. What should be the loss recognized from the sale of the machine? The company's fiscal year ends on every December 31.