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On 1 January 2016, Tonga Ltd purchased a machine for $500 000. It had a useful life of 6 years and a residual value of $200 000. Assume the machine is depreciated at 20% using the declining balance method. On 31 March 2018, it is sold for $200 000.
Required
Problem a) Calculate accumulated depreciation on the machine at 30 March 2018.
Problem b) Calculate the gain or loss on disposal (indicate whether it's a gain or loss).
Problem c) Briefly outline how the machine meets the definition of an asset provided in the conceptual framework.
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