Malfoy Ltd sold a motor vehicle on 30 September 2014. The proceeds from sale were $21,000 cash. The Balance Sheet as at 30 June 2014 reported the motor vehicle at a cost of $45,000 and the accumulated depreciation was $21,600. The motor vehicle is depreciated using the straight-line method at a rate of $5,400 per annum. 'A profit or loss on sale of a non-current asset is simply an over or understatement of depreciation'. Using the information given above, prepare calculations to support your explanation of the statement above