Fact Pattern: On January 1, Year 1, White Co. sold a property with a remaining useful life of 20 years to Blue Co. for $900,000. At the same time, White entered into a contract with Blue for the right to use the property (leaseback) for a period of 6 years, with annual rental payments of $80,000 that approximate the market rental payments for similar properties. On January 1, Year 1, the carrying amount of the property was $680,000, and its fair value was $770,000. A discount rate for the lease of 10% is used by both White and Blue. The present value factor for an ordinary annuity at 10% for 6 periods is 4.3553. The lease does not transfer the property to White at the end of the lease term and does not include a purchase option. What amount of gain on sale of the property was recognized by White on January 1, Year 1? $90,000 $130,000 $220,000 $0