On June 1, 2016, XYZ Company paid $375,000 to purchase land, a building, and some equipment. The market value of these assets on that date were: land $68,000; building $220,000; equipment $112,000. The equipment was assigned a useful life of 15 years and a $6,000 residual value. The equipment will be depreciated using the straight-line method. On November 30, 2022, XYZ Company sold the equipment for $39,800 cash. Calculate the amount of the loss recorded on the sale of the equipment