On May 31, 2018, F. Dorothy Company sold a piece of machinery it had purchased on January 1, 2011, with an original cost of $236,400. The asset had a useful life of 12 years and a scrap value of $78,000. It sold the asset for $266,000 in cash. Dorothy recorded depreciation through December 31, 2017, 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 value of the asset on the date of sale. The carrying value of the asset on the date of sale is $