On January 1, 2018, XYZ Company paid $380,000 to purchase land,building, and equipment. The market values of these assets on thatdate were: land $60,000; building $200,000; equipment $140,000.Before the property could be used, XYZ Company had to spend $5,000to put the equipment in working order. The building was assigned auseful life of 20 years with a $4,000 salvage value. The buildingwill be depreciated using the straight-line method. On October 1,2028, XYZ Company sold the building for $73,000 cash. Calculate theamount of the loss recorded on the sale of the building.
