Fresh Foods Inc. reported the following as at December 31, 2020: 2020 2019 From its Balance Sheet: I $26,000 35,000 Property and equipment, net $28,500 Long-term notes payable 40,000 From its Cash Flow Statement: Depreciation expense $2,700 Purchase of property and equipment 15,000 Proceeds from the sale of property and equipment 12400 Proceeds from the issuance of long-term notes 5,000 payable Issuance of preferred shares 45,000 Dividends paid 4,700 Required: Calculate the gain or loss on the sale of property and equipment for Fresh Foods Inc. Hint: you will first need to calculate the book value of property and equipment sold