Arnold bought a machine for use in his business on 1 November 2004. He gave the supplier a cheque for $11,570 and traded in an old machine which was bought exactly 3 years ago. The supplier allowed him $4,530 in part exchange for the old machine. Arnold depreciates machinery on the reducing balance basis at a rate of 20% per annum. The old machine had cost $12,000. A full years' depreciation is charged in the year of disposal What is the profit or loss on the trade in of the old machine?