1. Gator Corporation purchased an asset for $300,000 on January 1, 2015. The asset initially had a useful life of 5 years, and an expected residual value of $40,000. The company depreciated the asset by using the straight-line method. If the company sold the asset on December 31, 2018, for $80,500, then what is the company's gain / (loss) on the sale?

   	a.	$14,500 loss
   	b.	$20,500 gain
   	c.	$11,500 loss
   	d.	$11,500 gain
   	e.	$20,500 loss