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AAA Pty Ltd prepared the draft of the statement of financial position and the statement of profit or loss for the financial year ended 31stDec.
AAA Pty Ltd prepared the draft of the statement of financial position and the statement of profit or loss for the financial year ended 31stDec. 20X8 as shown below. The business operation was started from 1stJan. 20X8. All transactions incurred in the year 20X8 were recorded correctly. The PPE was purchased for $20,000 but carried at fair value $18,000.
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