GCE Financial Accounting 1990 Question 50

A motor car costing ₦10,000 was depreciated at 20 per cent per annum by the diminishing balance method. Two years later, it was sold for ₦6,000. The net result of the sale was

1. A.₦6,400 profit
2. B.₦6,000 loss
3. C.₦4,000 loss
4. D.₦400 profit
5. E.₦400 loss.