Wrightfield Corporation sold a piece of equipment on June 30, 2011 for $180,000 cash. The equipment had been purchased on January 1, 2008 for $300,000. It had an estimated useful life of 6 years and a $60,000 residual value. Waldo Corp. has been using the straight-line method of depreciation and has a year-end of December 31st. Compute the gain or loss on disposal.

Amount	Gain or Loss

Show computations here