The Balance Sheet for Desert, Co. dated December 31, 2020, has a wine bottling machine for its vineyard division with a book value of $614,118. Desert uses the straight-line method for depreciation and has recorded depreciation at $24,848 per year. On April 1, 2021, the machine is completely destroyed by an earthquake. Fortunately, the insurance company responded with an immediate settlement in the amount of $602,894. What is the amount of loss Desert would record on its 2021 Income Statement for the involuntary disposal of this machine? *round your answer to the nearest $1 **record your answer in absolute value (do not include a negative sign)