Frank's Shop purchased new equipment with a trade-in of the old equipment with a net carrying amount of $100,000. Cash of $90,000 was paid to the supplier who gave a trade-in allowance of $70,000 for the old machine. What is the gain or loss on the disposal of the old machine? Group of answer choices gain of $30,000 loss of $30,000 loss of $120,000 gain of $60,000