A business with a year-end of 31 December purchased a motor vehicle on 1 January 2015 for $24 000. The estimated useful life of the motor vehicle was four years and the estimated residual value at the end of four years was $8000.
The business depreciates motor vehicles at 25% per annum using the reducing balance method. No depreciation is charged in the year of disposal.
The motor vehicle was sold on 31 July 2018 for $12 000.
What was the profit on the sale of the motor vehicle?
$1875
2 )
$4000
3 )
$5250
4 )
$6000
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