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A non-current asset was purchased on the 1 January 20X0 for $4,800 and was depreciated...

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Accounting

A non-current asset was purchased on the 1 January 20X0 for $4,800 and was depreciated by 20%per annum using the reducing balance method. On the 31 March 20X3, it was sold for $2,400. Theenity has a policy of depreciaing a full year in the year of purchase but none in the year of sale.The result of this was (to the nearest $):

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