On $1$ June $2023$ a machine was sold which cost $€20,000$ on $31$ July $2019.$ The sale proceeds were $\pounds 5,500.$ The depreciation policy for machinery is $20\%$ pa straight line, with a full year being charged in the year of acquisition and non in the year of disposal. The year$-$end is $31$ December. What is the profit or loss on disposal?  Calculate.