Ecker Company purchased a new machine on January 1, 2012 for $550,000. At the time of acquisition, the machine was estimated to have a useful life of 10 years and an estimated salvage value of $10,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2021, the machine was sold for $100,000.

Question: Calculate the gain/loss from the disposal and journalize the transaction? Show your calculations.