Tavares Lid. purchased a motor vehicle on 1 January 2018 for $24,000. It had an expected useful life of 5 years and estimated scrap value of $4,000. During the year ended 31 December 2022 the vehicle was sold for $2,700. No depreciation is charged in the year of disposal. 

What was the profit or loss on disposal?

Answer rating: 100% (QA)

To calculate the profit or loss on the disposal of the motor vehicle we need to compare the p... View the full answer