A machine acquired for £360,000 on 19 April 2006 and depreciated annually at 10% of cost is sold for £240,000 on 18 August 2011. Full year’s depreciation is charged in the year of acquisition and no depreciation in the year of disposal. What is the gain or loss on disposal in the year ending 31 December 2011?

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a £60,000 loss b £60,000 gain £24,000 gain d £120,000 loss U