1. A business part-exchanged an old motor vehicle for a new vehicle. The old vehicle originally cost $12,000 and had a carrying amount of $7,000 when it was disposed. A partexchange allowance of $6,000 was given against the cost of the new vehicle of $18,000. What was the profit or loss made on the disposal of the old motor vehicle? A $1,000 profit B $1,000 loss 2. A business buys a car on 1 January 20X0 for $5,000. It depreciates cars on a straight line at the rate of 25% per year. The business sells the car on 31 December 20X2 for $500. What is the profit or (loss) on disposal that will be recorded in the statement of profit or loss? profit (loss)