8. Several years ago, Ronnie purchased 100 shares of convertible preferred stock in ABC Company for $500 per share. The conversion privilege indicated that Ronnie could convert each share of preferred stock into 50 shares of common stock. When the price of the ABC Company common stock reached $20 per share, Ronnie decided to convert all his preferred shares into common shares. He later sold the common shares for $15 per share. What was the amount of Ronnie’s gain or loss upon the sale?