carrying value = $2,000. 
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Your firm bought a machine for $5,000 on 1 January 20X1, which had an expected useful life of four years and an expected residual value of $1,000; the asset was to be depreciated on the straight-line basis. The firm's policy is to charge depreciation in the year of disposal. On 31 December 20X3, the machine was sold for $1,600. What amount should be entered in the 20X3 statement of comprehensive income for profit or loss on disposal? $________ |