On 23 October 2023, Guy Garvey Ltd sold a machine with a carrying amount of...
90.2K
Verified Solution
Link Copied!
Question
Accounting
On 23 October 2023, Guy Garvey Ltd sold a machine with a carrying amount of $114,000 for $100,000. Which of the following is the correct treatment? This will result a gain on sale of a non-current asset. It should be recognised in current period profit or loss, normally on a net basis. This will result a gain on sale of a non-current asset. It should be recognised in other comprehensive income, normally with separate disclosure
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.