The following information is available for Torrey Company for 2011:

a. In early April Torrey made major repairs to its equipment at a cost of $90,000. These repairs will benefit the remainder of 2011 operations.

b. At the end of May, Torrey sold machinery with a book value of $35,000 for $45,000.

c. An inventory loss of $60,000 from market decline occurred in July. In the fourth quarter the inventory had a market value recovery that exceeded the market decline by $30,000.

Required:

Compute the amount of expense/loss that would appear in Torrey Company's June 30, September 30, and December 31, 2011, quarterly financial statements.