Scotch Company purchased a printing press for its factory on January 1, 2010. At the time of purchase, this printing press: cost $120,000; had a 10 -year estimated useful life; and had a $20,000 estimated salvage value. On December 31, 2016, Wiggins sold the machine for $90,000 cash. What is the amount of gain on sale that needs to be recognized at the end of 2016 ? $40,000 $18,000 $30,000 $6,000