A business purchased a vehicle which had cost $\$ 27000$ and had an estimated residual value of $\$ 1000$. Depreciation of $18200 has been charged on this vehicle.
The vehicle was sold in part exchange for a new vehicle which cost $\$ 29500$. A cheque for $\$ 19000$ was paid in settlement of the transaction.
Which profit or loss was made on the sale of the vehicle?
1 )
loss $1700
2 )
loss $2700
profit $1700
4 )
profit $2700
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