Plesco Corporation acquired 80 per cent of the voting common shares of Slesco Corporation on January 1, 20X7. On January 1, 20X8, Plesco received $350,000 from Slesco for equipment that Plesco had purchased on January 1, 20X5 for $400,000. The equipment is expected to have a useful life of 10 years and no salvage value. Both companies depreciate equipment in a straight line.

Based on the above information, what is the gain on sale of equipment recorded by Plesco for 20X8

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