The Hughes Corporation purchased some equipment on November 1st for $77,400 and expects that it will be useful for eight years at which time it could be sold for $3,000. The company used the equipment for the rest of the current year and an additional four years after that; if the equipment were sold for $36,000 at that point, what amount of gain or loss would the company report on the sale? Use a positive number to indicate a gain or a negative number to indicate a loss.

Straight Line Method