A business acquired a vehicle for $23500 during the year ended 31 December 2012. It was then disposed of on 30 September 2015 for $3500. Depreciation was recorded at 20% per annum by the straight line method. In both the year of purchase and the year of disposal, depreciation for a complete year was charged. What was the profit or loss on disposal of the vehicle?
- A$1200 loss
- B$1200 profit
- C$5900 loss
- D$5900 profit