Required information

Problem $7-8$B $($Algo$)$ Record the disposal of equipment $($LO$7-6)$

$[$The following information applies to the questions displayed below.$]$

New Deli is in the process of closing its operations. It sold its three$-$year$-$old ovens to Sicily Pizza for $$275,400.$ The ovens

originally cost $$367,000,$ had an estimated service life of $10$ years, had an estimated residual value of $$22,000,$ and were

depreciated using straight$-$line depreciation. Complete the requirements below for New Deli.

Problem $7-8$B $($Algo$)$ Part $3$

What is the gain or loss on the sale of the ovens at the end of the third year?