Arganon Ltd. had the following ending inventory balances for each of the past six years: Cost Net Realizable Value 20X3 $ 0 $ 0 20X4 15,000 17,000 20X5 18,000 14,500 20X6 19,500 18,500 20X7 23,000 17,500 20X8 25,000 26,000

For each year, 20X4 through 20X8, determine the holding loss (gain) under lower-of-cost-or-NRV valuation.