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| Derek, a sole trader, purchased a van on 1 October 20X8 for a total cost of $22,000 by paying $17,500 cash and trading in an old van. The old van had cost $20,000 on 1 January 20X4, and was being depreciated at 20% on cost. There was a proportional charge in the years of acquisition and disposal. What is the effect of the disposal on the income statement for the year ended 31 December 20X8? A Profit of $1,500 B Profit of $2,500 C Profit of $3,500 D Profit of $4,500 |