Jisoo Limited and Jennie Pty Limited entered into a joint operation, BP.Perfume, at the beginning of the financial year to produce and sell fragrances. The joint operation agreement indicates the parties will share output, contributions and costs, and hold the joint operation assets as tenants in common, with the respective interests being 20% Jisoo Limited and 80% Jennie Pty Limited. Jisoo Limited contributed the equipment which has a book value of $170,000 and a fair value at the date of contribution of $272,000 whilst Jennie Pty Limited contributed cash of $1,088,000. Jisoo Limited chose not to revalue their remaining interests in the contributed assets in their separate records.

Using the line-by-line method, consistent with AASB 11 Joint Arrangements, what would be the gain on sale recorded by Jisoo Limited on contribution of the asset to the joint operation?