A machine is purchased on July 1, 2009, for $300,000. It has an expected useful life of 15 years and no salvage value. After nine years, the machine is sold for $123,000 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.)