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Write down a separated answer in digits Your firm bought a machine for $5,000 on 1 January 20X1, which had an expected useful life of

image text in transcribedWrite down a separated answer in digits

Your firm bought a machine for $5,000 on 1 January 20X1, which had an expected useful life of four years and an expected residual value of \$1,000; the asset was to be depreciated on the straight-line basis. On 31 December 203, the machine was sold for $1,600. The amount to be entered in the 203 income statement for profit or loss on disposal, is

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