Question $11$

The following facts relate to the sale of an old machine:

Amount received in cash Cost of old machine

ACCUMULATED DEPRECIATION on the old machine $$16,000$

Is there a GAIN or a LOSS on the sale of the machine and for what amount?

Loss for $$20,000$

Loss for $$4,000$

Gain for $$24,000$

Gain for $$4,000$