Bryce sells a piece of equipment used in his business for $110,000. He had purchased the equipment 2 years ago for $80,000 and had accumulated depreciation of $40,000 prior to the sale. This was the only business property sold by Bryce during the year. How much capital gain does Bryce recognize on the sale?

$40,000

$30,000

$70,000

None of the other answers is correct