A machine is purchased on July 1, 2009, for $231,000.It has an expected useful life of 14 years and no salvage value. After eight years, the machine is sold for $98,500 cash. What is the gain or loss on the sale? What is the gain or loss on the sale? Select the labels for the formula and calculate the gain (loss). (Round your answers to the nearest dollar. Use parentheses or a minus sign when entering a loss.)

Cash proceeds	-	Book value	=	Gain (Loss)
	-		=