An item of property, plant and equipment costing N600,000 was bought on 1 January, 2011. Depreciation was provided at 20% annually on straight-line basis and computed up to the point of sale. It was sold on 30 June, 2014 for N157,500. In the year of sale, profit is
Reduced by N22,500
Increased by N22,500
Reduced by N120,000
Increased by N157,500
