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Ken Garrett.
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Forums › FIA Forums › FA2 Maintaining Financial Records Forums › Depreciation and disposal
A non-current asset was disposed of for $3,000 last week. It had been purchased exactly 4 years earlier for $10,000 and had been depreciated using straight line method. The asset had 5 years useful life and no residual value.
What was profit or loss on disposal?
answer:1000?
Yes, 1,000 profit.