On 1 June 2018, the unadjusted financial statements of Luca Co showed the following information: Equipment: Cost Accumulated depreciation 593,400 (360,200) 233,200 During the financial year ended 31 May 2019, the following transactions took place: (i) An old equipment with a net book value of $120,300 was sold for $105,700 on 10 August 2018. It was purchased by the company at $210,600. (ii) On 8 November 2018, Luca Co acquired an equipment for $245,000. The company paid $2,300 for delivery as well as $10,200 for a year's insurance coverage. (iii) Equipment is depreciated at 20% per year on net book value. It is the company's policy to charge a full-year's depreciation in the year of acquisition of an asset and none in the year of disposal.