Jet Co. purchased a machine on 1 July 2017 at a cost of OMR51,000. The machine had an estimated salvage value of OMR3,000 and a life of eight years. The machine was sold for OMR48,600 on 31 December 2019, the last day of the accounting year of the business.  To make the sale, the business had to incur dismantling costs and costs of transporting the machine to the buyer's premises. These amounted to OMR1,200. The business uses the straight-line method of depreciation. What was the gain or loss on disposal of the machine?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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. Jet Co. purchased a machine on 1 July 2017 at a cost of OMR51,000. The machine had an estimated salvage value of OMR3,000 and a life of eight years. The machine was sold for OMR48,600 on 31 December 2019, the last day of the accounting year of the business.  To make the sale, the business had to incur dismantling costs and costs of transporting the machine to the buyer's premises. These amounted to OMR1,200. The business uses the straight-line method of depreciation. What was the gain or loss on disposal of the machine?

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