On June 30,2023 , Belkss Inc. sells one of its equipment for $350,000. The equipment originally cost $900,000, had an estimated 5 -year life and an expected salvage value of $100,000. The accumulated depreciation account had a balance of $550,000 on January 1,2023 , using the straight-line method. How much is the gain or loss on disposal of this equipment? (Please state the amount and indicate whether it is a loss or gain.)