On December 31, 20x0, an entity purchased a building at a total cost of $6,000,000. One of the components of the building was the elevator system which was allocated a cost of $800,000. The building's useful life was 50 years but it was estimated that the elevator system had a useful life of 15 years with no residual value. On June 30, 20x13, the elevators were replaced at a cost of $1,200,000. The old elevators were sold for scrap value of $40,000. What is the loss on derecognition of the elevators at June 30, 20x13? a) $106,667 Ob) $93,333 c) $133,333 d) $66,667