On January 1, 2017, Cornie, Inc

Multiple Choice

On January 1, 2017, Cornie, Inc. purchased a machine for $111,600. Cornie uses straight-line depreciation and estimates an eight-year useful life and a $3,600 salvage value. On December 31, 2024, Cornie cannot locate a buyer for the used machine so it is scrapped.
In recording the machine retirement, Cornie should reflect:

A) No gain or loss
B) A $ 3,600 gain
C) A $ 3,600 loss
D) A $86,400 loss