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Exercise- 3: 115 A non-current asset was disposed of for $2,200 during the last accounting year. It had been purchased exactly three years earlier for

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Exercise- 3: 115 A non-current asset was disposed of for $2,200 during the last accounting year. It had been purchased exactly three years earlier for $5,000, with an expected residual value of $500, and had been depreciated on the reducing balance basis, at 20% per annum. The profit or loss on disposal was: A $360 loss B $150 loss $104 loss D $200 profit

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