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On 31 December 2019, an item of machinery had a cost of $300000 and accumulated depreciation of $280000. If the machinery was sold for a
On 31 December 2019, an item of machinery had a cost of $300000 and accumulated depreciation of $280000. If the machinery was sold for a profit of $30000 on 1 January 2020, how much was recorded as income from the proceeds of the sale?
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