On July $1,20$X$6,$ Freedom Communications purchased a new piece of equipment that cost $$25,000.$ The estimated useful life is $10$ years and estimated residual value is $$2,500.$

Assume that Freedom uses the straight$-$line method of depreciation and sells the equipment for $$20,000$ on July $1,2020.$ The result of the sale of the equipment is a gain $($loss$)$ of