Wilbur Company sells equipment on March $31,2017,$ for $$44,000$ cash. The equipment was purchased on January $5,2014,$ at a cost of $$90,400,$ and had an estimated useful life of five years and a residual value of $$2,200.$ Wilbur Company uses straight$-$line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, Calculate the gain or loss on the sale of the equipment.