Question 25. Jelly bean plc purchased an item of plant on 1 January

20\\\\times 0

for

$500,000

. Its estimated useful life

s

years and it was expected to have nil residual value. On 31 December

20\\\\times 2

, the plant was revalued upwards to

$750,000

with no change to the estimated useful life. On 1 January

20\\\\times 4

the plant was sold for

$800,000

. What was the gain/loss on disposal to be recorded in the statement of profit or loss for the year ended 31 December

20\\\\times 4

?\

$300,000

profit\

$50,000

loss\

$143,750

profit\

$450,000

profit

Question 25. Jelly bean plc purchased an item of plant on 1 January 20X0 for $500,000. Its estimated useful life s years and it was expected to have nil residual value. On 31 December 20X2, the plant was revalued upwards to $750,000 with no change to the estimated useful life. On 1 January 20X4 the plant was sold for $800,000. What was the gain/loss on disposal to be recorded in the statement of profit or loss for the year ended 31 December 20X4? $300,000 profit $50,000 loss $143,750 profit I $450,000 profit HDEMY 51/