Yes. Profit and loss from the sale in not related to rental income or expense.
Profit and loss is: Sales price – sales expenses – (cost + improvements – depreciation)
There's a lot of data missing, including the purchase and sale dates, cost of land, sales expenses, etc. but using your numbers and adding a deprecation amount to make it "work"", you get:
Sale Price $349,000
Cost -$240,000
Renovation -$93,000
Depreciation $49,600
Total Income $65,600
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