41. Imran's financial year ends on 31 December. A machine purchased on 1 January 2015 for $20 000 was sold on 30 June 2017 for $8500. The machine had been depreciated using the straight-line method at 25% per annum on a month by month basis. What was the profit or loss on the disposal of the machine? a. loss $1000 b. loss $1500 c. profit $1000 d. profit $1500
41. Imran's financial year ends on 31 December. A machine purchased on 1 January 2015 for $20 000 was sold on 30 June 2017 for $8500. The machine had been depreciated using the straight-line method at 25% per annum on a month by month basis. What was the profit or loss on the disposal of the machine? a. loss $1000 b. loss $1500 c. profit $1000 d. profit $1500
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 1MC: Which of the following is not a criterion to recognize revenue under GAAP? A. The earnings process...
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