avacarold avacarold

14-10-2022
Business

Answered

3.
On 1 January 2019, a non-current asset was purchased at a cost of $290000. Delivery and installation costs of $10000 were also paid.

The reducing balance method is used to depreciate the asset at a rate of 20% per annum.

A full year's depreciation is charged in the year of acquisition and none in the year of disposal.

On 31 December 2021, the non-current asset was sold for $205000. Disposal costs of $5000 were also paid.

What was the profit on disposal?
A. $8000
B. $13 000
C. $ 14 400
D. $ 46 400

Answer :

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