A motor vehicle bought for N16,000 was estimated to have ...
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?
N1,000 profit
N500 profit
N500 loss
N1,000 loss
Correct answer is B
No explanation has been provided for this answer.
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