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On 1 January 2020, Laura Ltd decided to trade in a vehicle that had been acquired by the company at a cost of $35,000 on 1 July 2018. The vehicle had been estimated to have a useful life of 4 years (no residual value). The new vehicle had a cost of $40,000. Laura Ltd was given a trade-in allowance of $15,000 and paid the balance in cash.
Problem 1: On 1 January 2020, in relation to the trade in of the old vehicle, Laura Ltd should recognise in the profit and loss statement a:
Select one:
a. Gain on trade in of $25,000
b. Loss on trade in of $6,875
c. Loss on trade in of $2,500
d. Gain on trade in of $6,875
Financial Statement Analysis and Preparation
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