On 10/1/19, GHI Co. purchased a machine for $60,000. The machine had an estimated useful life of 5 years and an estimated salvage value of $5,000. GHI uses the double declining balance depreciation method. The machine was sold on 1/1/21 for $40,000. How much of a gain will GHI record on 1/1/21?

a) $18,400 b) $7,600 c) $7,300 d) $17,200