saved Help Save & Exit On January 3, 2021, Tracer Incorporated purchased a patent for $465,000 to manufacture a new type of chair. The patent has a remaining legal life of 12 years. Tracer plans to manufacture the chair for eight years and then sell the patent for $55,000. The company amortizes Intangible assets using the straight-line method. On December 29, 2023, Tracer decides to sell the patent for $330,000. Assuming the company has a December 31 year-end, what Is the gain or loss recorded on the sale of the patent? Multiple Choice $18.750 gain. $18,750 loss $13,750 gain $67,813 loss