Use the information below to answer questions .
Motor Vehicle Account as at 31st December 2001.
Jan. 1, cost …………….N1950 000
Dec.31, Addition ………… N400 000
Jan. 1, Depreciation ……..N1360 000
June 30, Sales proceeds…… N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.
What is the actual profit or loss arising from the vehicle disposed of?
A N250 000 loss
B N50 000 loss
C N450 000 profit
D N575 000 profit
Answer is C
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