A business's year end is 31 December. It bought a non-current asset on 1 January 2020 for $100000. The asset was depreciated by the reducing balance method at $20\%$ per annum. It was then sold for $40000 on 1 January 2022. What was the loss on disposal?
- A$20000
- B$24000
- C$40000
- D$60000