The answer is 1,750

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25. On June 31,2022 , OfficeMax sold a loading machine for $120,000. OfficeMax purchased the machine on January 1,2018 , with an original cost of $250,000. The asset had a useful life of 8 years and a scrap value of $22,000. OfficeMax records depreciation using the straight-line method and assumes that all assets are placed in service on the first day of the month in which they were actually placed into service. What is the gain or loss on disposal? A) A loss of $1,750 B) A loss of $21,750 C) A loss of $130,000 D) A gain of $78,000