On January 1, 2012, Crane Company purchased for $660000, equipment having a useful life of ten years and an estimated salvage value of $36000. Crane has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2020, the equipment was sold for $110000.

As a result of this sale, Crane should recognize a gain of

a- $47600.

b-$0.

c-$110000.

d- $11600.