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A. Shannen Ltd sold a piece of restaurant equipment to another restaurant on July 1, 2020 for $500,000 cash. The equipment originally cost $1,200,000 and

A. Shannen Ltd sold a piece of restaurant equipment to another restaurant on July 1, 2020 for $500,000 cash. The equipment originally cost $1,200,000 and the accumulated depreciation as at 1 July 2020 was $720,000. Required: Calculate the gain or loss on disposal of the restaurant equipment on 1 July 2020. (You are required to show the formula used and all supporting workings) [4 marks]

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