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On May 1, 2021, Vaughn Company sells office furniture for $298800 cash. The office furniture originally cost $754000 when purchased on January 1, 2014. Depreciation

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On May 1, 2021, Vaughn Company sells office furniture for $298800 cash. The office furniture originally cost $754000 when purchased on January 1, 2014. Depreciation is recorded by the straight-line method over 10 years with a salvage value of $85000. What gain should be recognized on the sale? $37900. $70800. $35400. O $22300

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