On 1 January 2011, Y Ltd purchased a new machine for $500 000. The estimated scrap value of the machine is $20 000. The machine is depreciated straight -line over its useful life of 6 years. On 31 December 2012, Y Ltd sold the machine for $400 000 to a director of the company. The gain or loss on sale is:
Select one:
a. Gain on sale $60 000
b. Loss on sale $100 000
c. Loss on sale $80 000
d. There is no gain or loss
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