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Calculate the carrying amount of the building at the date

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Reference no: EM132652400

On 1 October 2010, Panama Ltd acquired a building for $200,000. The building had a useful life of 60 years and a residual value of $40,000. On 31 December 2015, the building was sold for $180,000 cash. Panama Ltd depreciates assets using the straight-line method.

Question a. Calculate the carrying amount of the building at the date of disposal.

Question b. Calculate the gain or loss on disposal (state whether it's a gain or loss)

 

Reference no: EM132652400

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