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Pls answer the questions with your detailed explanations, it's much appreciated! 3.15 A non-current asset (cost $15,000, depreciation $10,000 ) is given in part exchange
Pls answer the questions with your detailed explanations, it's much appreciated!
3.15 A non-current asset (cost $15,000, depreciation $10,000 ) is given in part exchange for a new asset costing $20,500. The agreed trade-in value was $5,500. Which of the following will be included in the statement of profit or loss? A profit on disposal $5,500 A loss on disposal $4,500 A loss on purchase of a new asset $5,500 A profit on disposal $500 (2 marks) Baxter Co purchased an asset for $100,000 on 1.1.X1. It had an estimated useful life of five years and it was depreciated using the straight line method. On 1.1.X3 Baxter Co revised the remaining estimated useful life to eight years. What is the carrying amount of the asset at 31.12.X3? $40,000$52,500$40,000$62,500 (2 marks) 3.17 Senakuta Co purchased a machine with an estimated useful life of five years for $34,000 on 30 September 20X5. Senakuta Co planned to scrap the machine at the end of its useful life and estimated that the scrap value at the purchase date was $4,000. On 1 October 208, Senakuta revised the scrap value to $2,000 due to the decreased value of scrap metal. What is the depreciation charge for the year ended 30 September 209? $7,000$6,800$2,800$6,400Step by Step Solution
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