The manager of Medusa Photo Studio is considering whether to upgrade the Studio's lighting equipment. The current equipment was purchased 3 years ago, has a carrying amount of $1,500, and one more year of useful life. The current equipment can be sold for $1,050, and the new equipment will cost $5,200 and its useful life is also one year. Calculate the profit or loss the Studio will incur if the manager decides to replace the lighting equipment. Make sure that you include a negative sign for loss. $