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The following information was extracted from the records of Gin Gin Ltd for the year ended 30June 2018.
GIN GIN LTD
Statement of Financial Position (extract)
as at 30 June 2018
Assets
Accounts receivable $25,000
Allowance for doubtful debts (2 000) $23,000
Machines 100,000
Accumulated depreciation - machines (25,000) 75,000
Liabilities
Interest payable 1,000
Additional information
(a) The accumulated depreciation for tax purposes at 30 June 2018 was $50 000.
(b) The tax rate is 30%.
Required
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