Gains or L$$sses

$9\mathrm{.}41$ Company J bought a piece of equipment for $$200,000.$ This equipment has a useful life

of $10$ years and a salvage value of $$40,000.$ The company has been using the seven$-$year MACRS property class to depreciate the asset for tax purposes. At the end of year $4,$ the company sold the equipment for $$120,000.$ The tax rate is $40\%.$ What are the net proceeds $($after tax$)$ from the sale of the equipment?