On May 1, 2017, A Company sells office furniture for $160,000 cash. The office furniture originally cost $400,000 when purchased on January 1, 2010. Depreciation is recorded by the straight-line method over 10 years with a residual value of $40,000. What gain should be recognized on the sale? Select one: O $12,000. $ 48,000. O $25,334. O $24,000