Use the information below to answer questions .Motor Vehicle Account as at 31st December 2001. Debit: Jan. 1, cost ................₦1950 000 Dec.31, Additio...

Use the information below to answer questions .Motor Vehicle Account as at 31st December 2001.

Debit:

Jan. 1, cost ................₦1950 000

Dec.31, Addition ............ ₦400 000

Credit:

Jan. 1, Depreciation ........₦1360 000

June 30, Sales proceeds...... ₦700 000

The vehicle sold was purchase on January 1, 1998 at a cost of ₦1,000 000 and had depreciation at 25% on cost.What is the actual profit or loss arising from the vehicle disposed of?