Profit on sale of office equipment. The office equipment was…Profit on sale of office equipment. The office equipment was purchased on 1 July 2017 for $10,000. It is estimated its effective life for taxation purposes at the time of purchase at 10 years. He used the prime cost method. Sale proceeds – sale date 30 June 2022 $5,000 Net book value based on accounting depreciation 3,000 Profit 2,000 Question: Is the $2,000 assessable income and to be used when calculating tax liability and payable? Why/Why not? LawSocial ScienceTax law ACCOUNTING 3350
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