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30 July, 03:49

A plant asset with a cost of $600000 and accumulated depreciation of $570000 is sold for $70000. what is the amount of the gain or loss on disposal of the plant asset?

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  1. 30 July, 03:56
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    Plant asset with a cost of $600,000

    Accumulated depreciation of $570,000 Sold for $70,000

    To solve:

    Amount gained/lost = (accumulated depreciation - plant asset cost) + sale price

    Amount gained/lost = ($570,000 - $600,000) + $70,000

    Amount gained/lost = - $30,000 + $70,000

    Amount gained = $40,000
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