On July 1, 2021, Richie sells office furniture for RM16,000 cash. The office furniture originally cost RM60,000. As of January 1, 2021, it had accumulated depreciation of RM41,000. Depreciation for the first six months of 2021 is RM8,000. Determine whether Wright Company have gain or loss on disposal for its sale of furniture. Show your workings.
On July 1, 2021, Richie sells office furniture for RM16,000 cash. The office furniture originally cost RM60,000. As of January 1, 2021, it had accumulated depreciation of RM41,000. Depreciation for the first six months of 2021 is RM8,000. Determine whether Wright Company have gain or loss on disposal for its sale of furniture. Show your workings.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ii) only
Transcribed Image Text:ment,
On July 1, 2021, Richie sells office furniture for RM16,000 cash. The office furniture
originally cost RM60,000. As of January 1, 2021, it had accumulated depreciation of
RM41,000. Depreciation for the first six months of 2021 is RM8,000. Determine whether
Wright Company have gain or loss on disposal for its sale of furniture. Show your
workings.
(ii)
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