On January 1, 2021, Gleason Company purchased new machinery for $ 333,000. The new machine was expected to last six (6) years and be sold for parts (after those six years) for$ 60,000. Assume that management sells the equipment for $ 166,500 on December 31, 2023. What amount would be reported as gain or loss on the sale if management applied straight-line depreciation?

a. $ -0-.

b. $ 196,500 Gain.

c. $ 30,000 Gain.

d. $ 30,000 Loss.

e. None of the above.