A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001.The profit or loss on sale was
- ₦17,000 profit
-
₦17,000 loss
- ₦16,000 profit
- ₦16,000 loss