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On May 1, 2021, Bonita Company sells office furniture for $309600 cash. The office furniture originally cost $755200 when purchased on January 1, 2014. Depreciation

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On May 1, 2021, Bonita Company sells office furniture for $309600 cash. The office furniture originally cost $755200 when purchased on January 1, 2014. Depreciation is recorded by the straight-line method over 10 years with a salvage value of $79000. What gain should be recognized on the sale? (Hint: Use 7.333333 for years used in calculation.) $100560. $50280. $52780. $22540

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