On May 31, 2015, a company sold a storage shed. The company had purchased the shed on Janurary 1,2008 for $327,000. When purchased, it had been estimated to have a useful life of 15 years and a residual value of $75,000. Assume that the company has been using the straight-line method and sold the asset for $264,000. Calculate the gain or loss on disposal of the asset.