Chapter 5, Problem 5.1EC

Question: Mr. R bought a machine for Rs 25,000 on which he spent Rs 5,000 for carriage and freight; Rs 1,000 for brokerage of the middleman; Rs 3,500 for installation and Rs 500 for an iron pad. The machine is depreciated @ 10% every year on a written down basis. After three years the machine was sold to Mr. B for Rs 30,500 and Rs 500 was paid as commission to the broker. Find out the profit or loss on the sale of the machine. Please help me

Home Insert Share Formulas Data Review View Help Draw 910 " Calibri (Body) 11 AABU DAVA = Wrap Merge v General B75 vxvfx Common stock - Netspeed D E A B 52 QuickPort's share of NetSpeed's dividends 53 Balance 12/31/2024 54 56 57 58 59 60 55 b. Prepare the worksheet adjustments for the December 31, 2024 consolidation of QuickPort and NetSpeed. TA Account Title Investment in Netspeed Equipment Accumulated depreciation 61 S Common stock - Netspeed 62 63 64 65 A 66 67 68 69 70 D 71 E 72 73 ED 74 Retained earnings - Netspeed Investment in Netspeed Amortization expense Database Investment in Netspeed Amortization expense Equity in earnings of Netspeed Investment in Netspeed Investment in Netspeed Dividends declared Equity in earnings of Netspeed Equipment Noncontrolling interest Common stock - Netspeed 75 76 77 78 Debit Credit 79 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 80 Nothing in this area will be…

Please give me true answer this financial accounting question