The correct answer is :
↬ its
Step-by-step explanation:
The old can of paint had lost (its or it's) label.
In the sentence, we have :
The old can of paint had lost its label.
Examples for better understading
- It's sunny today.
- The can lost its label.
- It's an amazing idea!
- The vase will eventually lose its pattern.
Hence, the answer is "the old can has lost its label".