Example 6: XYZ bought a plant costing 100,000 on 1 January 20X1. The asset was depreciated at 10% on cost for four years. On 1 January 205, the asset was revalued to 90,000. There was no change in the remaining useful life. The asset was sold on 1 March 20X8 for 52,000. It is the company's policy not to charge for depreciation in the year of disposal. Required: Calculate the profit or loss on disposal. Show the extracts of Statement of Profit or Loss and statement of changes in equity for the year ended 31 December 208 (assume best practice) Statement of profit or loss for the year ended 31 December 208 (extracts) Gain on disposal Statement of changes in eauitv for the vear ended 31 Decemher 208 (extracts)