A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001.The profit or loss on sale was
A ₦17,000 profit
B ₦17,000 loss
C ₦16,000 profit
D ₦16,000 loss
Answer is B
