on january 2 of the current year, emme co. sold equipment with a carrying amount of $480,000 in exchange for a $600,000 noninterest bearing note due on january 2 in three years. there was no established exchange price for the equipment. the prevailing rate of interest for a note of this type at january 2 of the current year was 10%. the present value of 1 at 10% for three periods is 0.75. in emme's current year income statement, what amount should be reported as gain (loss) on sale of machinery?