31. On November 4, 2009, Blue Company acquired an asset (27.5-year residential real property) for $200,000 for use in its business. In 2009 and 2010, respectively, Blue took $642 and $5128 of cost recovery. These amounts were incorrect because Blue applied wrong percentage (i.e. those for 39-year rather than 27.5-year). Blue should have taken $910 and $7272 cost recovery in 2009 and 2010. On January 1, 2011, the asset was sold for $180000. Calculate the gain or loss on the sale of the asset in 2011. 34. Western acquires used office machine (seven-tear class asset) on November 2, 2011, for $75000. This is the only asset acquired by western during the year. He does not elect immediate expensing under ss179. On September 15, 2012, western sells the machine. a. determine Weston