On May 31, 2018, F. Sewert Company sold a piece of machinery it had purchased on January 1, 2011, with an original cost of $438,000. The asset had a useful life of 16 years and a scrap value of $54,000. It sold the asset for $263,000 in cash. Sewert 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.