On May 31, 2022, B. Kwon Company sold a piece of machinery it had purchased on January1, 2015, with an original cost of $368,400. The asset had a useful life of 18 years and a scrap value of $66,000. It sold the asset for $260,000 in cash. Kwon recorded depreciation through December 31, 2021, 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 Identify the gain or loss on disposal of the asset. The on the disposal of the asset is Record the journal entry for the sale. (Record debits first, then credits. Exclude explanations from any journal entries.)