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What is the balance of accumulated depreciation on december

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Reference no: EM132619528

Question - Based on the following information, you are required to answer the following two questions:

Costs on Acquisition on 1 February 2019:

- Machine Cost

- Import Tax

- Delivery Fees

- Annual Maintenance Fees

$25,000

$2,000

$3,000

$2,000

Depreciation Method:

Straight-line method

Residual value: $6,000

Useful Life: 4 Years

Q1. What is the balance of accumulated depreciation on 31 December 2020?

a. $10,450

b. $12,000

c. $10,800

d. $11,500

Q2. What is the profit or loss on disposal, if the machine is sold for $13,000 on 31 December 2021?

a. Loss of $500

b. Profit of $1,000

c. Loss of $1,000

d. Profit of $500

Reference no: EM132619528

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