A non-current asset (cost $35,000, depreciation $22,000 ) is given in part exchange for a new asset costing $43,000. The agreed trade-in value was $15,000. Which of the following will be included in the statement of profit or loss?
Answer
| $ | |
| Carrying amount at disposal (35,000 – 22,000 ) | 13,000 |
| Trade-in allowance | 15,000 |
| Profit on disposal | 2,000 |