Disposal of Asset During  the  year  to  30  June  20X7,  Eugene  Ltd  sold  a  non-current  asset  for  $36,000.  It  had been acquired three years ago at a cost of $180,000. At the date of disposal of the asset, the accumulated depreciation was $138,000. What was  the  profit or loss on disposal, and what journal entries are needed to record the disposal?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Disposal of Asset

During  the  year  to  30  June  20X7,  Eugene  Ltd  sold  a  non-current  asset  for  $36,000.  It  had been acquired three years ago at a cost of $180,000. At the date of disposal of the asset, the accumulated depreciation was $138,000.

What was  the  profit or loss on disposal, and what journal entries are needed to record the disposal?

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