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Calculate the gain on disposal of asset

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On 1 January 2019, Mdex Ltd sold Land and Buildings used in the business as follows:

Asset           Purchased Price               Book value (written down value)              Selling price

Land                     200000                             -                                               250000

Buildings               150000                         130000                                      135000

Required:

Question 1: calculate the gain on disposal of asset and the amount of tax payable on the gain.

Reference no: EM132642229

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