A motor car costing D100,000 was depreciated at 20% per a...
A motor car costing D100,000 was depreciated at 20% per annum by the diminishing balance method. Two years later, it was sold for D60,000. Using the information, the net profit or loss on the sale was
D40,000 profit
D4,000 profit
D4,000 loss
D40,000 loss
Correct answer is C
No explanation has been provided for this answer.
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