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explain in details please 3. A company purchased an asset on 1 January 20x3 at a cost of $1,000,000. The useful life is 25 years.

image text in transcribed explain in details please

3. A company purchased an asset on 1 January 20x3 at a cost of $1,000,000. The useful life is 25 years. Company uses declining balance method for depreciation with twice the straight line. Residual value is $50,000. The asset was sold on 31 December 20x5 June 2021 for $750,000. What is gain/loss on disposal? Answer: calculation not required)

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