On 1 January 20X0 an asset that had a useful life of five years and a cost of $100 000, had a carrying value of $60 000. (The asset had been depreciated for two years at $20 000 per annum). On 1 January 20X0 it was decided to revalue the asset upwards to $90 000 with no change in its useful life. A year after the revaluation on 1 January 20X1 the asset was sold for $80 000. Under the provisions of AASB 116 on Property, Plant & Equipment, the gain or loss on disposal is:

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