Roger Ltd acquired an item of machinery on 1 July 2021 for a cost of $120 000. When the asset was acquired it was considered that the asset would have a useful Ile to the entity of five years, after which time it would have no residual value. It was considered that he pattern of economic benefits would best be reflected by applying the sum-of-digits method. Contrary to expectations, on 1 July 2023 the asset was -sold for $70 000. Required what was the profit on disposal and what are the journal entries to record the disposal