Joaquin purchased a $$320,000$ earthmover for a business. The earthmover was sold for $$245,000$ after taking $$220,000$ of depreciation. What is the nature and amount of the gain or loss on the sale?

Question $29$ options:

$$45,000$ Section $1245$ ordinary income and $$100,000$ Section $1231$ gain

$$100,000$ Section $1245$ ordinary income and $$45,000$ Section $1231$ gain

$$145,000$ Section $1231$ gain

$$145,000$ Section $1245$ ordinary income