IDNLearn.com is the place where your questions are met with thoughtful and precise answers. Join our Q&A platform to access reliable and detailed answers from experts in various fields.

Marquez purchased some equipment for $58,750 on august 15, 2020. However, marquez decided the equipment was not needed and sold it on june 13, 2021 for $56,500. The equipment was subject to depreciation of $6,964 for 2020 and 2021. What gain or loss will marquez recognize on the sale of the equipment?