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What was the profit or loss on disposal

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Question 1: Disposal of Asset During the year to 30 June 20X7, Eugene Led sold a non-current asset for $36,000. It had been acquired three years ago at a cost of $180,000. At the date of disposal of the asset, the accumulated depreciation was $138,000. What was the profit or loss on disposal, and what journal entries are needed to record the disposal?

Reference no: EM132723953

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