4. Methods of derecognising a non-current asset On July 2016, Prestige Limousine Ltd purchased a limo at an acquisition cost of $280000(GST exclusive). The vehicle has been depreciated by the straight-line method using a 4-year useful life and a $40000 residual value. The entitys financial year ends on 30 June. All transactions are shown as GST exclusive. GST is to be accounted for the disposal of the vehicle, including the trade-in allowance.(i).Prepare the journal entries to record the scrapping, exchange, derecognition and sale of the vehicle, assuming the vehicle was:

(a) retired and scrapped with no residual value on 30 June 2020.

(b) exchanged for a similar new vehicle with a cash price of $170 000(GST exclusive).Prestige Limousine Ltd received a fair trade-in allowance of $55000 (GST exclusive) on the old vehicle and paid the remaining balance in cash of $115 000 for the new vehicle on 30 June 2020.

(c) destroyed in an accident and cash of $110000 was received from the insurance company on 30 June 2020.

(d) sold for $50000 plus 10% GST on 31 December 2019.(ii).for (b)-(d)) calculate the gain or loss from sale/derecognition/exchange of the asset.