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A taxpayer disposed a part of asset for 100,000 SR in cash. The taxpayer purchased that asset for 90,000 SR 5 years ago but
A taxpayer disposed a part of asset for 100,000 SR in cash. The taxpayer purchased that asset for 90,000 SR 5 years ago but the market value of the complete assets was as follows: Part disposed 100,000 Retained part Total 150,000 250,000 Required: Calculate the cost base of the disposed asset and the gain of the disposal.
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Intermediate accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094
