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Calculate the profit or loss

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Question - A business sold a motor vehicle on 31st December 2016. As at the 30th June 2016 the balance of the General Ledger asset accounts were: Motor Vehicle Cost $60,000 DR, Accumulated Depreciation $48,000 CR. Depreciation expense from 1st July 2016 to 31st December 2016 was calculated as $1,000. The proceeds from sale of the asset was $17,600 (GST inclusive i.e. $16,000 plus $1,600 GST). Calculate the profit or loss?

a. Loss of $5,000

b. Profit of $6,600

c. Profit of $5,000

Reference no: EM132631945

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