QUESTION 27 On January 1, 2014, Cornet, Inc. purchased a machine for $148,800. Cornet uses straight-line depreciation and estimates an eight-year useful life and a $4,800 salvage value. On December 31, 2021, Cornet cannot locate a buyer for the used machine so it is scrapped. In recording the machine retirement, Cornet should reflect: OA. A $4,800 loss OB. A $4,800 gain C. No gain or loss OD. A $115,200 loss