Motor vehicles bought for $530000$, at the beginning of the year, have been depreciated incorrectly for the entire year by the straight-line method at $10\%$ rather than $25\%$. After posting the entries, the ledger balances are: Motor vehicles at cost: $530000$ Provision for depreciation of motor vehicles: $53000$ Which entries will correct the error?
- Adebit statement of profit or loss $79500$; credit provision for depreciation of motor vehicles $79500$
- Bdebit statement of profit or loss $132500$; credit provision for depreciation of motor vehicles $132500$
- Cdebit provision for depreciation of motor vehicles $79500$; credit statement of profit or loss $79500$
- Ddebit provision for depreciation of motor vehicles $132500$; credit statement of profit or loss $132500$