Ravi’s financial year finishes on 30 April. On 1 May 2020, Ravi purchased a motor vehicle for $8000 and then sold it on 1 May 2022 for $4050. He applies the reducing balance method of depreciation at $20\% per annum. What amount would be shown in the income statement for the year ended 30 April 2023 in relation to the disposal of the motor vehicle?
- A$750$ loss
- B$750$ profit
- C$1070$ loss
- D$1070$ profit