On December 31, 2009, Mason Inc. sold a used industrial crane for $1,000,000 cash. The original cost of the crane was $5.0 million and its accumulated depreciation equaled $4.1 million on December 31, 2009 (before 2009 depreciation expense); they had been using the straight-line depreciation method. The estimated residual value was zero and its useful life was 25 years when the asset was purchases. What is the gain or loss on the equipment on December 31, 2009?
A. $300,000 loss
B. $100,000 gain
C. $300,000 gain
D. $100,000 loss
E. No Gain or Loss
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