A machine was bought at a cost $500,000 on 1st January 2002. During its life of 10 years, it will be depreciated on straight line depreciation method. On 31st December 2009, the machine was sold for $150,000. Find out Gain or loss from this transaction.

Select one:

a. Loss of 150,000

b. Gain of $100,000

c. Gain of $50,000

d. Gain of $150,000.