Arnaud had a vehicle that was first purchased for $20000. In the year ending 31 May 2021, he spent $3700 on repairs and recorded depreciation of $4000. At 31 May 2021, the vehicle’s net book value stood at $12000. Arnaud disposed of the vehicle on that date, and the loss on disposal was $2500. What were the cash inflows and outflows associated with the vehicle in the course of the year?
- Acash inflows $9500; cash outflows $3700
- Bcash inflows $9500; cash outflows $7700
- Ccash inflows $13500; cash outflows $6200
- Dcash inflows $13500; cash outflows $8000