Use the following information to answeer questions below Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually a...

Assessment: WAEC SSCE - Financial Accounting - 2022 (Objective) Subject: Financial Accounting

Question 1 Report

Use the following information to answeer questions below

Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021.

The profit or loss on disposal of the machine was

D 280,000 profit

D 87,480 loss

D 320,000 loss

D 92,680 profit