On January 1, 2017, Exclusive Manufacturing purchased a machine for $630,000 that it expected to have a useful life of five years. The company estimated that the residual value of the machine was $30,000. Exclusive Manufacturing used the machine for two years and sold it on January 1, 2019, for $320,000. As of December 31, 2018, the accumulated depreciation on the machine was $240,000.

Calculate the gain or loss on the sale of the machinery.