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How much gain on the disposal should abc record

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Question - ABC Company's depreciation policy on machinery is as follows: A full year's depreciation is taken in the year of an asset's acquisition.

No depreciation is taken in the year of an asset's disposition.

The estimated useful life is five years.

The straight-line method is used.

On June 30, 2021, ABC sold for 2, 300,000 a machine acquired in 20X8 for 4, 200, 000. The estimated residual value was 600, 000. How much gain on the disposal should ABC record in 2021?

Reference no: EM132986881

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