Tammy Co. purchased machinery for $1,120,000 on January 1, 2014. Straight-line depreciation has been recorded based on a $70,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2018 at a gain of $21,000. How much cash did Tammy receive from the sale of the machinery? 1) $301,000.00 2) $189,000.00 3) $161,000.00 4) $231,000.00