Paper 1 October/November 2005 Accounting (9706/01) A Level
During the year ended 31 December 2017 a business purchased a vehicle for $\$ 23500$.
On 30 September 2020 it was sold for $\$ 3500$.
Depreciation was charged at 20% per annum using the straight-line method. A full year’s depreciation was charged in the year of purchase and the year of disposal.
What was the profit or loss on disposal of the vehicle?