On April 30, Year 1, Tilton Products purchased machinery for $198,000. The useful life of this machinery is estimated at 8 years, with an $18,000 residual value. Tilton uses a calendar year-end for financial reporting. In Year 7, Tilton Products sells this machinery for $12,000. At the date of sale, the machinery had been depreciated by Tilton Products to its estimated residual value of $18,000. This sale results in