Morris Inc. recorded the following transactions over the life of a piece of equipment purchased in 2018: Jan. Dec. Sept. Dec. Jan. 1, 2018 Purchased equipment for $14,300 cash. The equipment was estimated to have a five-year life and $6,390 salvage value and was to be depreciated using the straight-line method. 31, 2018 Recorded depreciation expense for 2018. 30, 2019 Undertook routine repairs costing $728. 31, 2019 Recorded depreciation expense for 2019. 1, 2020 Made an adjustment costing $2,580 to the equipment. It improved the quality of the output but did not affect the life and salvage value estimates. 31, 2020 Recorded depreciation expense for 2020. 1, 2021 Incurred $327 cost to oil and clean the equipment. 31, 2021 Recorded depreciation expense for 2021. 1, 2022 Had the equipment completely overhauled at a cost of $7,680. The overhaul was estimated to extend the total life to seven years. The salvage value did not change. 31, 2022 Recorded depreciation expense for 2022. 1, 2023 Received and accepted an offer of $15,800 for the equipment. Dec. Jun. Dec. Jan. Dec. Oct. MORRIS INC. Horizontal Statements Model Net = Liabilities + Equity Income Date Assets Statement of Cash Flow IA +/- + + + + + +/- IA + Jan. 01, 2018 Dec. 31, 2018 Sept. 30, 2019 Dec. 31, 2019 Jan. 01, 2020 Dec. 31, 2020 June 01, 2021 Dec. 31, 2021 Jan. 01, 2022 Dec. 31, 2022 Oct. 01, 2023 Oct. 01, 2023 11 + + 11 +/- + IA - + II + + 11 + Year Depreciation Expense 2018 2019 2020 2021 2022 Year Book Value 2018 2019 2020 2021 2022 Determine the amount of the gain or loss Morris will report on the disposal of the equipment on October 1, 2023. (Round intermediate calculations and final answer to nearest dollar amount. Loss amount should be indicated with a minus sign.)