A machine was bought on 3rd October 2015 for $20,000. It was sold for cash for $10,000 on 2nd January 2019. The machine had been depreciated at 12% on cost. Depreciation is charged proportionately for the period the asset is used during the year of purchase with no depreciation charged during the year of disposal. Required: Determine how much the loss or gain on disposal of the machine was