7. On January 1, 2006, Pittsburgh Steelers purchased for $608,000, equipment having a useful life of ten years and an estimated salvage value of $32,000. The Steelers have recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2014, the equipment was sold for $112,000. As a result of this sale, The Steelers should recognize a gain of A) $0 B) $22,400 C) $54,400 D) $112,000