A company purchased an asset on 1 January 20X3 at a cost of $1,000,000. It is depreciated over50 years by the straight line method (nil residual value), with a proportionate charge for depreciation in the year of acquisition and the year of disposal. At
31 December 20X4 the asset was re-valued to $1,200,000. There was no change in the expected useful life of the asset.The
asset was sold on 30 June 20X5 for $1,195,000.
What profit or loss on disposal of the asset will be reported in the statement of profit or loss of the company for the year ended 31 December 20X5?