WAEC Financial Accounting 2000 Question 36

A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap value of N2,000.
If the vehicle is sold for N6,000 at the end of third year, what is the profit or loss on sale?

1. A.N1,000 profit
2. B.N500 profit
3. C.N500 loss
4. D.N1,000 loss.