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Accounting

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15. The Chisholm Company purchased a machine on November 1, 2005, for $148,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $4,000. Chisholm has recorded monthly depreciation using the straight-line method. On July 1, 2014, the machine was sold for $13,000. What should be the loss recognized from the sale of the machine? *
7. Which of the following is NOT required to be reported in the financial statements or disclosed in the accompanying notes? * (2 Points)