Two machines were purchased in February 2018 for $10,000 each. Depreciation is charged at the rate of 15% per annum using the diminishing Balance Method.

One of the machines was sold in June 2020 for $6000.

A full year depreciation is charged in the year of purchased but none in the year of disposal. The financial year ends on 31 December each year.

(i) What is the total depreciation of the machines as at 31 December 2020. (ii) Calculate the Profit or loss on disposal of the machine.