Question $4$

The company has a $$56,000$ piece of equipment with a $$5,000$ salvage value &$10$ year useful life. The equipment was purchased on $\frac{1}{1}\frac{?}{2020}$ and has $4$ years of $$5,100$ depreciation expense recorded for $2020,2021,2022,2023.$ If the equipment is sold on $\frac{4}{1}\frac{?}{2024}$ for $$28,000,$ what is the amount of the gain or loss?

$$28,000$ gain

$$1,675$ loss

$$6,325$ gain

$$6,325$ loss