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What was the profit or loss on disposal

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Reference no: EM132713087

Question - Disposal of Asset - During the year to 30 June 20X7, Hibiscus Ltd sold a non-current asset for $36,000. It was acquired three years ago at a cost of $180,000. At the date of disposal of the asset, the accumulated depreciation was $138,000.

Required - What was the profit or loss on disposal, and what journal entries are needed to record the disposal?

Reference no: EM132713087

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