In the year ending $31$ December $2017$, a business bought a vehicle costing $23500$. It was then sold on $30$ September $2020$ for $3500$. Depreciation was recorded at $20\%$ per annum by the straight-line method. A full year’s depreciation was charged in both the year of purchase and the year of disposal. What was the profit or loss on disposal of the vehicle?
- A$1200$ loss
- B$1200$ profit
- C$5900$ loss
- D$5900$ profit