Question 7 (10 points) Bowie Company uses a calendar year and the straight line depreciation method. On December 31, 2018, after adjusting entries were posted, Bowie Company sold a machine which was originally purchased on January 1, 2015. The historical cost was $22,500, the salvage value assumed was $1,500 and the original estimated life was five years. It was sold for $3,800 cash. Using this information, how much should be recorded on December 31 for the Gain or (Loss)? Round to whole dollars. Your Answer: