On 1 January, Raheem bought equipment for $850. It was expected to last for $5$ years and to have a scrap value of $50$. The asset was depreciated by the straight-line method. After $3$ years, the machine was sold for $100. What was the profit or loss on disposal?
- A$240 loss
- B$270 loss
- C$50 profit
- D$220 profit