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What journal entries are needed to record the disposal

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Disposal of Asset.

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

Problem 1: What was the profit or loss on disposal, and what journal entries are needed to record the disposal?

Reference no: EM132670679

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