On January 1, 2017, Flute, Inc

Multiple Choice

On January 1, 2017, Flute, Inc. purchased a machine for $148,800. Flute uses straight-line depreciation and estimates an eight-year useful life and a $4,800 salvage value. On December 31, 2024, Flute cannot locate a buyer for the used machine so it is scrapped.
In recording the machine retirement, Flute should reflect:

A) No gain or loss
B) A $4,800 gain
C) A $4,800 loss
D) A $115,200 loss