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Calculate the gain - loss on disposal

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Question - John Smith purchases a machine on July 1, 2018. The machine was purchased on credit for $660,000 ($600,000 + $60,000 GST). The machine has an expected life of 4 years and an expected residual value of $220,000, ($200,000 + $20,000 GST). The machine was sold on January 1, 2020 for $385,000 ($350,000 + $35,000 GST). The company uses straight-line depreciation. Calculate the gain / loss on disposal.

Reference no: EM133096502

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