Creations Unlimited purchased camera equipment for its photo studio on January 6, 2022, at a cost of $17,000. The equipment had a four-year useful life and an estimated salvage value of $3,000. The equipment was depreciated for two full years on a straight-line basis prior to being sold in a cash transaction for $8,200 on January 3, 2024.

Required:
a. Calculate Creation Unlimited’s Accumulated Depreciation account balance on January 3, 2024.
b. Calculate the amount of gain or loss to be recognized by Creations Unlimited upon the sale of their equipment on January 3, 2024.