Casey Company bought a machine on January $1,$ Year $1.$ The machine cost $$144,000,$ the company also spent $$45,000$ and $$38,000$ for transportation and installation, respectively. The purchase was paid in cash. The accounting team expected salvage value of $$24,000.$ The life of the machine was estimated to be $5$ years$\mathrm{.}4.$ Assuming Casey company only use the straight$-$line method, and the company decide to sale the old machine by the end of year $5$ for $$31,000.$ Calculate Loss or Gain and write the journal entry for the transactions.