A business entity has an accounting year end of 30 June. A non-current asset was purchased on 1 July 20x3 for $2400 and depreciated at 20 percent per annum using the reducing balance method. A full year’s charge is made in the year of pu r chase and none in the year of disposal. On 1 July 20x6 it was sold for $1200. What was the profit or loss on disposal?