Louisville Farms, a breeder of racehorses, paid $432,000 cash for a prize-winning stallion on January 1, 2003. The stallion is depreciated on a straight-line basis, with depreciation for partial years rounded to the nearest month. Estimated useful life was nine years, with no residual value. After owning the animal for six years and five months, Louisville Farms sold the stallion on May 31, 2009, for cash of $85,000. Depreciation had last been recorded on December 31, 2008.
Compute the gain or loss on the sale of the stallion. $______________ (gain/loss)
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