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Find what is gain or loss on disposal

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A company purchased an asset on 1 January 20X3 at a cost of $1,000,000. The useful life is 25 years. Company uses declining balance method for depreciation with twice the straight line. Residual value is $50,000. The asset was sold on 31 December 20X5 June 20x5 for $750,000.

Question 1: What is gain/loss on disposal?

Reference no: EM132588083

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