An asset is recorded in S Co's books at its historical cost of $4,000. On 1 January 20X5 P Co bought 80%

of S Co's equity. Its directors attributed a fair value of $3,000 to the asset as at that date. It had been

depreciated for two years out of an expected life of four years on the straight line basis. There was no

expected residual value. On 30 June 20X5 the asset was sold for $2,600. What is the profit or loss on

disposal of this asset to be recorded in S Co's accounts and in P Co's consolidated accounts for the year

ended 31 December 20X5