Strawberry Fields purchased a tractor at a cost of $$40,000$ and sold it two years later for $$26,500.$ Strawberry Fields recorded depreciation using the straight$-$line method, a five$-$year service life, and an $$8,000$ residual value.

What was the gain or loss on the sale?

on sale $,$$dots..........

Record the sale. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first accou field.$)$