A business has a financial year end of 31 December. It purchased a vehicle on 1 January 2019 for $\$ 30000$.
The business depreciates vehicles at the rate of 20% per annum using the reducing balance method. Depreciation is charged on a month-by-month basis.
The vehicle was sold on 30 September 2021.
A profit on disposal of $\$ 3000$ had been calculated. However, no entries had been made to record the depreciation for 2021.
What was the effect of not recording the depreciation for 2021 on the profit on disposal?
1 )
$\$ 2880{\text{ }}overstated$
2 )
$\$ 3840{\text{ }}overstated$
$\$ 2880{\text{ }}understated$
4 )
$\$ 3840{\text{ }}understated$
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