Answer:
$17,650
Step-by-step explanation:
From May 1 2012 to the end of February 2021,the machine would have been depreciated for 8 years 10 months which effectively translates into 106 months.
annual depreciation charge=cost-residual value/useful life
annual depreciation charge=($560,400-$23,400)/10=$53,700
monthly depreciation=$53,700/12=$4475
Total depreciation to date=$4475 *106=$ 474,350.00
Asset book value=$560,400-$ 474,350=$ 86,050.00
The asset was sold for $68,400
loss recognized =book value minus cash proceeds=$86,050-$68,400=$17,650