On 1 May 2021, Green Ltd. sold a truck to Black Ltd. for $18,000, settled in cash. The machine had originally cost $50,000 and had accumulated depreciation of $25,000. Black Ltd. depreciates the asset at 20% per annum straight-line with a $3,000 residual value. Green Ltd. had been depreciating the asset at 25% per year on a straight-line basis with no residual value. The truck is still held by Black Ltd. on 30 June 2022.