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Please assist with attached question: MIYOLA TRADERS Notes to the financial statements for the financial year ended 30 June 2020 Property, plant, equipment Vehicles R
Please assist with attached question:
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 ? Additional information a. 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 R5 000 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 loss on sale of vehicle of R2 560 B. A profit on sale of vehicle of R16 600 . C. A profit on sale of vehicle of R21 500 D. a profit on sale of vehicle of R9 040 . E. No profit or loss on sale of vehicleStep by Step Solution
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