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Exercise 02-Analysing the sale of a non-current asset On 2 January 2018, Ditto Clothing Consignments purchased showroom fixtures for $12000 cash, expecting the fixtures to
Exercise 02-Analysing the sale of a non-current asset On 2 January 2018, Ditto Clothing Consignments purchased showroom fixtures for $12000 cash, expecting the fixtures to remain in service for five years. Ditto has depreciated the fixtures on a straight-line basis, with zero residual value. On 30 September 2019, Ditto sold the fixtures for $6200 cash. Requirement Record both depreciation for 2019 and the sale of the fixtures on 30 September 2019, assuming that Ditto's financial year ends 30 June (ignore GST)
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