A machine acquired for 360,000 on 1st April 2011 and depreciated at 10% of cost...
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Accounting
A machine acquired for 360,000 on 1st April 2011 and depreciated at 10% of cost per annum was sold for 112,000 on 30th September 2016. Depreciation is time apportioned. Expenses of disposal amounted to 3,000. What is the gain or loss on disposal of the machine to be reported in?
161,000 gain
53,000 gain
161,000 loss
53,000 loss
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