Question

Seaside Inc. recorded the following transactions over the life of a piece of equipment purchased in 2014:

Jan. 1,	2014	Purchased the equipment for $37,870 cash. The equipment is estimated to have a five-year life and $5,560 salvage value and was to be depreciated using the straight-line method.
Dec. 31,	2014	Recorded depreciation expense for 2014.
May 5,	2015	Undertook routine repairs costing $702.
Dec. 31,	2015	Recorded depreciation expense for 2015.
Jan. 1,	2016	Made an adjustment costing $3,010 to the equipment. It improved the quality of the output but did not affect the life and salvage value estimates.
Dec. 31,	2016	Recorded depreciation expense for 2016.
Mar. 1,	2017	Incurred $324 cost to oil and clean the equipment.
Dec. 31,	2017	Recorded depreciation expense for 2017.
Jan. 1,	2018	Had the equipment completely overhauled at a cost of $7,310. The overhaul was estimated to extend the total life to seven years and revised the salvage value to $4,170.
Dec. 31,	2018	Recorded depreciation expense for 2018.
July 1,	2019	Sold the equipment for $9,390 cash.

Determine the amount of the gain or loss Seaside will report on the disposal of the equipment on July 1, 2019. (Round intermediate calculations and final answer to nearest dollar amount. Loss amounts should be indicated with a minus sign.)

Answer 1