On May 31, 2015, J. Franz Company sold a piece of machinery it purchased on January 1, 2008, with and original cost of $355,000. The asset had

had a useful life of 15 years and a scrap value of $67,000. It sold the asset for $265,000 in cash. Franz recorded depreciation through

December 31, 2014, using the straight line method,

What was the carrying value of the asset on the date of sale? What is the gain or loss on disposal? Record the journal entry for the sale.

Determine the carrying calue of the asset on the date of sale.