A business purchased a motor car on 1 July 2013 for $20,000. It is to be depreciated at20%per year on the straight line basis, assuming a residual value at the end of five years of$4,000, with a proportionate depreciation charge in the year of purchase.The $20,000 cost was correctly entered in the cash book but posted to the debit of the motorvehicles repairs account.How will the business profit for the year ending 31 December 2013 be affected by theerror?
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