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UNA 2 CIRO TYPE 24. A motor van was bought for $20,000 on 1 September 2005 with a residual value of $2,000 Depreciation was charged

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UNA 2 CIRO TYPE 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 C. $5,201. a. d. $990

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