Price Aladdin bought a machine for use in his business on 1 November 2004 . He gave the supplier a cheque for $11,570 and traded in an old machine. The supplier allowed him $4,430 (Trade in value) in part exchange for the old machine. Price Aladdin depreciates machinery on the reducing balance basis at a rate of 20% per annum. The old machine had cost $12,000 and had been (Accumulated depreciation) by $5,856. What is the profit or loss on the trade in of the old machine? a. a loss of $1,426 b. a profit of $1,426 c. a loss of $1,714 d. a profit of $1,714