Exercise-4: A business purchased a non-current asset on 1 January 20x1 for $25,000. It had an estimated life of 6 years and an estimated residual value of $7,000. The asset was eventually sold after 3 years on 1 January 20x4 to another trader who paid $17,500 for it. What was the profit or loss on disposal, assuming that the business uses the straight line method for depreciation