Question
3. A company purchased an asset on 1 January 20X3 at a cost of $1,000,000. The useful life is 25 years. Company uses declining balance
3. A company purchased an asset on 1 January 20X3 at a cost of $1,000,000. The useful life is 25 years. Company uses declining balance method for depreciation with twice the straight line. Residual value is $50,000. The asset was sold on 31 December 20X5 June 2021 for $750,000. What is gain/loss on disposal? Answer: ____________ (calculation not required)
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Auditing a business risk appraoch
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
6th Edition
9780324645095, 324645090, 978-0324375589
