On July 1 2021 Fleming Company Sells Machinery for $240000

Multiple Choice

On July 1 2021 Fleming Company sells machinery for $240000.The machinery originally cost $600000 had an estimated 5-year life and an expected salvage value of $100000.The Accumulated Depreciation account had a balance of $350000 on January 1 2022 using the straight-line method.The gain or loss on disposal is

A) $40000 gain.
B) $10000 loss.
C) $20000 loss.
D) $10000 gain.