Question
The Razzle Dazzle Ltd has provided the following balance sheet extract as at December 31.2021 2020 Land and building Cost 550,000 Fixtures and fittings
The Razzle Dazzle Ltd has provided the following balance sheet extract as at December 31.2021 2020 Land and building Cost 550,000 Fixtures and fittings Machinery and equipment Motor vehicle Dep'n NBV 35,000 $15,000 340,000 28,000 312,000 450,000 45,000 405,000 395.000 29,500 365,500 2021 Cost Dep'n NBV 640,000 64.000 576,000 490,000 35,600 454,400 $20,000 60,000 460,000 440,000 36,700 403.300 Long term investment 180.000 250.000 It was ascertained that during the year, equipment costing $61,000 with depreciation of $13,000 was sold for $55,000. How much is to be shown as gain or loss on disposal? O a. Loss of $6,000 O b. Loss of $19,000 Oc Gain of $7,000 Od. Gain of $42,000 Fix
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