Given the following for the Illinois Company Date V1/13 Event Purchase Machine Salvage $2,000 10/1/14 Addition to Machine Extends useful leto 4/1/20 Cost: $14,000 5 year life straight-line Cost $4,000 No change in salvage Depreciation expense for year-end 12/31/14 is approximately: Select one: a $2,533 b. $2,266 c. $2,727 d. $2,364 e. $2,455 Knight Company purchased a new machine on May 1, 2014 for $98,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $8,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2023, the machine was sold for $12,000. What should be the loss recognized from the sale of the machine? Select one: a. No loss; a gain is realized b. $1,800 c. $6,500 d. $5,000 e$14,000