On June 1, 2019, Turner Corporation purchased land, a building, and some equipment for $590,000. The following information is available concerning the property purchased: Current Market Value 135,000 279,000 186,000 Building . . Before the property could be used, Turner had to spend $20,000 to renovate the building and $12,000 to put the equipment in working order. Assume the equipment was assigned an $11,300 salvage value, an 18-year life, and was being depreciated using the straight-Line depreciation method. On August 31, 2029, Turner Company sold the equipment for $71,000 cash. Calculate the amount of the loss recorded on the sale of the equipment