Multiple Choice
On 31 December 2019 an item of machinery had a cost of $300 000 and accumulated depreciation of $280 000. If the machinery was sold for a profit of $30 000 on 1 January 2020, how much was recorded as income from the proceeds of the sale?
A) $20 000
B) $50 000
C) Nil
D) $300 000
Correct Answer:
Verified
Correct Answer:
Verified
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