Smart Touch purchased a plant asset with a purchase price of $40000 on 1st July, 2018. Smart touch also paid $1000 for transfering the plant asset, $500 insurance fee while the plant was in transit and $600 installation fee. The plant started to operate on 1st July 2018 and incurred $800 insurance fee from 1st July till 30 June 2019. The estimated residual value of the plant was $2000 and its useful life was five years. On 1st July 2020, Smart Touch realised that the wear and tear on the plant would reduce its useful life from five to four years and the residual value to $800, and started to depreciate the plant using the revised life and the new residual value. The depreciation method was not changed. On December 31, 2020, smart touch sold the plant asset for 20000
The gain or loss resulting from the sale of plant assets was