On January 1, 2017, Isabella Corporation purchased a Watcha Doin' Device for $500,000. The firm depreciates all its assets Straight-Line (SL), and management estimated the useful life of the asset at eight years, with a residual value of $60,000.

--> Assume now that on that same date (July 1, 2020, and with all the other "givens" from part 1 also being the same), Isabella Corporation instead sold the Device for $200,000 cash. Compute Gain or Loss on Sale of Asset.