Xavier depreciates his machinery over ten years using the straight-line method. On 31 December 20X7 he sells

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Xavier depreciates his machinery over ten years using the straight-line method.

On 31 December 20X7 he sells a machine that he has owned for exactly seven 198 | SECTION 2. FINANCIAL ACCOUNTING SHANE)

years. Its original cost was £73 730. The sale proceeds are £30 000. What is the profit or loss on sale of the machinery?

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