3. Counselors of Roswell purchased equipment on January 1,2024 , for $44,500. Counselors of Roswell expected tho equipment to last for fout years and have a residual value of $4,500. Suppose Counselors of Roswell sold the equipment for $17,500 on December 31, 2026, ofter using the equipment for three fult years. Assume depreciation for 2026 has beer recorded. Joumalce the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. (Enter a loss with a minus sign or parentheses)