The Westerling Corporation purchased some equipment on October 1, 2019 for $63,480 that it expects will be useful for eight years at which time it could be sold for $3,000. If the equipment were sold for $35,000 on December 31,2021 , 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. 11,470 (with margin: 0)