A company buys a machine on 31 August 2014 for 36,000. It has an expected...
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Accounting
A company buys a machine on 31 August 2014 for 36,000. It has an expected life of seven years and an estimated residual value of 2,400. On 30 June 2018, the machine was disposed of for 12,000. The companys year-end is 31 December. The companys accounting policy is to charge depreciation using the straight-line method on a proportionate basis. Required: What is the loss on disposal of the machine that will appear in the statement of profit or loss for the year ended 31 December 2018?
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