Business Services Ltd's year end is 31 December. On 1 July 20X1, they purchased a machine at a cost of 67,504. At the time, they estimated that the machine had a useful life of 8 years and no residual value. On 1 January 20X5 Business Services Ltd sold the machine for 37,500.

Business Services Ltd have a policy of charging depreciation based upon the number of months an asset has been owned.

Did Business Services Co make a profit or a loss on the sale of the machine? Answer 1Choose...ProfitLoss

(Select your answer in the dropdown menu)

What was the value of the profit or loss? Answer 2

(Enter the value with no sign, minus sign, comma or decimal places)