On December 31, 2010, Stable Company sold a piece of equipment that was purchased on January 1, 2005. The equipment originally cost $820,000 and has an estimated useful life of eight years. Stable uses the straight-line method of depreciation. What is the gain/loss on the sale of equipment that Stable will recognize if the equipment was sold for $230,000?
a) $230,000 Gain
b) $25,000 Loss
c) $25,000 Gain
d) $73,750 Gain
e) $0; no gain or loss