Please, help with the following prOblem:

Mason Company purchased a new machine on February 1, 2018, for $60,000. At the time of acquisition, the machine was estimated to have a service life of ten years and a residual value of $3,000. The company employs the straight-Line method of calculating depreciation. The machine was sold on July 31, 2024 for $13,400 cash. Calculate the amount of the loss recorded on the sale