Buche, Inc. purchased equipment for $560,000 on May 1, 2020. The equipment has an estimated useful life of 8 years, and an expected salvage value of $25,000 at the end of the 8-year useful life. It also is expected to be used for 535,000 hours. Using straight-line depreciation, calculate the depreciation for 2020 2021, and 2022. Then answer this question: What is the gain/loss on the equipment if sold for $354,000 on 12/31/2022? (Clearly label all calculations.)