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On 1 Jul 08, S sold an equipment with a carrying amount of 60k to P for 100k. The equipment was acquired on 1 Jan 07, no residual value and has a useful life of 5 years. Prepare a consolidated statement of financial position as at 31 Dec 08.
I know that we should use the overdepreciation of 40. Using straight line method, I’m not sure about the #years we should take into account. When S sold to P, it has already been 1year6months.
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