On January $1,2021,$ Gleason Company purchased new machinery for $ $333,000.$ The new machine was expected to last six $(6)$ years and be sold for parts $($after those six years$)$ for$ $60,000.$ Assume that management sells the equipment for $ $166,500$ on December $31,2023.$ What amount would be reported as gain or loss on the sale if management applied straight$-$line depreciation?

a$.$ $ $-0-.$

b$.$ $ $196,500$ Gain.

c$.$ $ $30,000$ Gain.

d$.$ $ $30,000$ Loss.

e$.$ None of the above.