MIYOLA TRADERS Notes to the financial statements for the financial year ended 30 June 2020 Property, plant, equipment Vehicles R Carrying amount Beginning of year Cost Accumulated depreciation Additions Depreciation Disposals Cost Accumulated depreciation Carrying amount: End of year Cost Accumulated depreciation 84 800 172 000 (87 200) 58 000 (12 240) ? 21 600 ? a. Additional information The vehicle that was sold was an old Jeep bakkie that was bought on 1 January 2017 for R21 600. On 31 March 2020 the Jeep was sold for Rs 500 cash. b. Vehicles are depreciated at 20% per annum on the straight-line method The profit/loss on the sale of the Jeep bakkie will be? A. A profit on sale of vehicle of R16 600 . B. A profit on sale of vehicle of R21 500 . C. No profit or loss on sale of vehicle . D. a profit on sale of vehicle of R9 040 E. A loss on sale of vehicle of R2 560