A business’s financial year ends on 31 December. On 1 January 2014, it bought a non-current asset for $100\,000$. The asset was depreciated by the reducing balance method at $20\%$ per annum. It was sold for $40\,000$ on 1 January 2016. Calculate the loss on disposal.
- A$20\,000$
- B$24\,000$
- C$40\,000$
- D$60\,000$