1. On 30 September 2020 ABC limited has disposed of a large piece of machinery. The company sold the machinery for 25,000. It had originally cost them 80,000 on 1 October 2017 and was estimated to have a useful life of 8 years at this point. Calculate the profit or loss on disposal of this asset to be included in the income statement for the year ended 30 September 2020: a) Profit of 35,000 b) Loss of 35,000 c) Loss 25,000 d) Profit of 25,000