Question 5. Waffen SS Co had purchased a depreciating asset for $14,000 on 1" October 2014 and decided to record the asset at its cost. The useful life is 4 years and the estimated scrap value at end of 4+ year is 2,000. The year end of the company is 31" January each year. On 30 April 2016, the asset is disposed off for $7,000. Show the double entries related to the disposal process and prepare the disposal account to indicate the gain or loss on disposal. ALL WORKINGS MUST BE SHOWN. (L04) (BT Level: Analyse) (12 Marks) END OF PAPER