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A non-current asset was disposed of for $2,200 during the last accounting year. It had been purchased precisely three years earlier for $5,000, with

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A non-current asset was disposed of for $2,200 during the last accounting year. It had been purchased precisely three years earlier for $5,000, with an expected residual value of $500, and had been depreciated using the reducing balance basis, at 20% per annum. What was the loss on disposal?

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