On 1 January 2012, a business bought a motor vehicle for $24000. Its expected useful life was four years, and its estimated residual value after four years was $8000. The business charges depreciation on motor vehicles at 25% per annum by the reducing balance method. No depreciation is charged during the year of disposal. The motor vehicle was sold on 31 July 2015 for $12000. What was the profit made on the sale of the motor vehicle?
- A$1875
- B$4000
- C$5250
- D$8000