SP Ltd. has a December 31 year end. On April 2, 2024, SP purchased a piece of equipment at a cost of $180,000. SP’s management estimated that this piece of equipment would have a useful life of five years and a residual value of $30,000. SP uses the straight-line method for depreciating its manufacturing equipment.

Required
If SP sold the piece of equipment on June 30, 2026, for $100,000, what amount of gain or loss would have to be recorded?