On March 1st ,2016, a Plant and Machinery was purchased by the company at a list price of $300,000. Transportation and installation were paid $25,000 and $75,000 respectively. The companys financial

year ends on June 30th each year. It was the company policy to charge depreciation on fixed assets using double declining balance method @ 20%.

On August 30th ,2019 the business decided to dispose of the Plant and Machinery for $ 250,000. Required:

Record the disposal of plant and machinery and gain/loss there on.

Show all the workings for the calculation of depreciation each year.