A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. If the vehicle is sold for N6,000 at the end of third year, what is the profit or loss on sale?
a
N1,000 profit
b
N500 profit
c
N500 loss
d
N1,000 loss
Explanation
Correct Option
bNo explanation available
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