On January 1, 2018, Dunbar Echo Co. sells a machine for $23,000. The machone was originally purchased on January 1, 2016 for $40,000. The machine was estimates to have a useful life of 5 years and a residual value of $0. Dunbar Echo uses a straight-line depreciation. In recording this transaction:

On January 1, 2018, Dunbar Echo Co sells a machine for $23,000. The machine was originally purchased on January 1, 2016 for $40,000 The machine was estimated to have a useful life of 5 years and a residual value of $0. Dunbar Echo uses straight-line depreciation. In recording this transaction: Multiple Choice a loss of $1,000 would be recorded again of $1,000 would be recorded a loss of $17000 would be recorded