On June 1, 2004, XYZ Company paid 360,000 to purchase land, building and equipment. The market value of these assets on that date were land 90000; building 260000 equipment 50000. Before the facilities could be used, XYZ company had to spend 4,000 to put the equipment in working order and 15000 to renovate the building. The equipment was then estimated to have a useful life of 10 years with 7000 salvage value. The equipment will be depreciated using the straight-line method. On December 31, 2010, XYZ company sold the equipment for 26000 cash. Calculate the gain recorded on the sale