On 1 January 2019, a non-current asset was purchased at a cost of $\$ 290000$. Delivery and installation costs of $\$ 10000$ were also paid.
The reducing balance method is used to depreciate the asset at a rate of 20% per annum. A full year’s depreciation is charged in the year of acquisition and none in the year of disposal.
On 31 December 2021, the non-current asset was sold for $\$ 205000$. Disposal costs of $\$ 5000$ were also paid.
What was the profit on disposal?
$\$ 8000$
2 )
$\$ 13000\;$
3 )
$\$ 14400$
4 )
$\$ 46400\;\;$
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