On January 1, 2018, the Michael Scott Corporation purchased for $304,000, equipment having a useful life of 10 years and an estimated salvage value of $16,000. Scott has recorded monthly depreciation of the equipment on the straight-line method. On June 30, 2020, the equipment was sold for $270,000. As a result of this sale, how should Scott recognize a gain or loss? A gain of $42,000 O A gain of $23,600 O A gain of $28,800 A gain of $38,000