24. A motor van was bought for $20,000 on 1 September 2005 with a residual value of $2,000 Depreciation was charged at 20 % by the reducing balance method on yearly basis.. It was sold for $18,000 after three years of use on 30 September 2008. Compute the profit on sale of asset? $7,760 b. $505 a. $5,201. C. d. $990