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Hello sir/miss, help me answer this question QUESTION 3 (REVALUATION & SALE OF NCA)...

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Accounting

imageHello sir/miss, help me answer this question

QUESTION 3 (REVALUATION & SALE OF NCA) 1 January 2015 Equipment Cost $55,000 Estimated Residual 5.000 Depreciable Amount $50.000 Useful life 8 years. Depreciation rate 100% + 8 years = 12.5% Annual depreciation is $6,250p.a. ($50,000 - 8 or $50,000 X 12.5%) After revaluation 1 July 2017 new depreciation is over 7 years. On 1st January 2019, the equipment was sold for $56,000. (a) Calculate the accumulated depreciation upon the sold of equipment. (b) Calculate the gain or loss for the sale of equipment. (c) Prepare the 'extract' statement of comprehensive income and the 'extract' statement of financial position as at 2018 & 2019

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