On 31 December 2019 an Item of Machinery Had a Cost

question 9

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

---

Definitions:

Women

Adult human females, often highlighted in discussions of rights, equality, and social roles historically and in contemporary society.

Missile Gap

A term primarily used during the Cold War to refer to a perceived superiority in the number and power of the USSR's missiles compared to those of the USA.

Soviet Union

A socialist state that existed from 1922 to 1991, comprising Russia and several other republics, characterized by a one-party government and a centrally planned economy.

Federal Funding

Financial support provided by the federal government to support a wide range of services and projects, including education, transport, and healthcare.