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Scold Co made a profit before tax for the year ending 31 December 1999 of $118,000. This was arrived at after charging/crediting the following transactions. (i) Depreciation on a revalued asset of $15,000 (depreciation based on original cost would have been $10,000) (ii) An asset previously revalued by $40,000 was sold at a profit of $6,000. The asset was revalued on 31 December 1998 and sold on 1 January 1999. Scold Co does not charge any depreciation in the year of disposal. What was historical cost profit before tax for the year? A. $158,000 B. $108,000 C. $118,000 D. $163,000 |