On January 1, 2009, Swifty Corporation purchased for $690000, equipment having a useful life of ten years and an estimated salvage value of $42600. Swifty has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2017, the equipment was sold for $175000. As a result of this sale, Swifty should recognize a gain of

$110260.

$67660.

$0.

$175000.