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?

Answer rating: 100% (QA)

To determine the profit or loss on disposal of the noncurrent asset we need to calculate the carryin... View the full answer