On 1 January 2011, Y Ltd purchased a new machine for $500 000. The estimated scrap value of the machine is $20 000. The machine is depreciated straight-line over its useful life of 6 years. On 31 December 2012, Y Ltd sold the machine for $400 000 to a director of the company. The gain or loss on sale is: Select one: A. Gain on sale $60 000 B.Loss on sale $100 000 C.Loss on sale $80 000 o D.There is no gain or loss