On 1 January 2020, a business acquired a new machine for $15000, with $10000 paid by cheque. The shortfall was covered by part exchange of an old machine. The old machine had originally cost $12000 on 1 January 2018 and was estimated to last for 6 years, with a residual value of $2400. The business applies the straight-line method of depreciation. What was the loss on the disposal of the old machine?
- A$1400
- B$3000
- C$3800
- D$4600