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Knight Company purchased a new machine on May 1, 2014 for $98,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $8,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2023, the machine was sold for $12,000. What should be the loss recognized from the sale of the machine?

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