Ravi’s financial year ends on 30 April.
Ravi bought a motor vehicle for ＄8000 on 1 May 2020 and sold it for ＄4050 on 1 May 2022.
He uses the reducing balance method of depreciation at 20% per annum.
What would be recorded in the income statement for the year ended 30 April 2023 for the disposal of the motor vehicle?
1 )
＄750 loss
2 )
＄750 profit
＄1070 loss
4 )
＄1070 profit
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