A business owns two non-current assets. Asset X was bought on 1 Jan 2023 for $10000, uses the straight-line depreciation method, has a useful life of 5 years, and has a residual value of $2000. Asset Y was bought on 1 Jan 2023 for $20000, uses the reducing balance depreciation method at 20%, and has a nil residual value. What was the combined depreciation expense in the statement of profit or loss for the year ended 31 December 2024?
- A$4800
- B$5200
- C$5600
- D$6000