A company bought an asset for $100000. Its useful life was five years and its estimated residual value was $20000. The company applies straight-line depreciation. At the end of the five-year period, the asset was sold for $5000. What is the combined impact on year five profits of both the depreciation charge and the sale of the asset?
- A$1000
- B$15000
- C$16000
- D$31000