Ambitious Company showed the following schedule of depreciable assets on January 1, 2017. Asset Cost Accumulated Acquisition Residual Depreciation A 4,000,000 2,560,000 2015 400,000 B 2,000,000 1,440,000 2014 200,000 C 2,800,000 1,344,000 2014 560,000 The useful life of each asset is 5 years. The entity takes a full depreciation in the year of acquisition and No depreciation in the year of disposition. Asset C was sold for 1,700,000 on June 30, 2017. Asset C was depreciated using the straight line method. What is the gain on sale of Asset C?
20. Ambitious Company showed the following schedule of
Asset Cost Accumulated Acquisition Residual
Depreciation
A 4,000,000 2,560,000 2015 400,000
B 2,000,000 1,440,000 2014 200,000
C 2,800,000 1,344,000 2014 560,000
The useful life of each asset is 5 years. The entity takes a full depreciation in the year of acquisition and No depreciation in the year of disposition.
Asset C was sold for 1,700,000 on June 30, 2017.
Asset C was depreciated using the
What is the gain on sale of Asset C?
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