Orange Company purchased equipment for $30,000. Orange recorded total depreciation of $27,000 on the equipment. On January 1,2024 . Orange traded in the equipment for new equipment, paying $20,200cash. The fair market value of the new equipment is $23,100. Journalize Orange Company's exchange of equipment. Assume the exchange had commercial substance. Let's begin by calculating the gain or loss on the exchange of equipment. (Enter a loss with a minus sign or parentheses.)