LO.6 On November 4, 2008, Blue Company acquired an asset (27.5-year residential real property) for $100,000 for use in its business. In 2008 and 2009, respectively, Blue took

$321 and $2,564 of cost recovery. These amounts were incorrect because Blue applied the wrong percentages (i.e., those for 39-year rather than 27.5-year property). Blue should have taken $455 and $3,636 of cost recovery in 2008 and 2009. On January 1, 2010, the asset was sold for $98,000. Calculate the gain or loss on the sale of the asset in 2010.