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MoTown Ltd purchased a motor vehicle for $12000 on 1 January 2022. Its estimated...
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MoTown Ltd purchased a motor vehicle for $12000 on 1 January 2022. Its estimated residual value was $7000 and expected life 5 years. Depreciation was calculated on a month-by-month basis using the straight-line method. It was sold on 30 June 2023 and there was a loss on disposal of $2560. What were the sale proceeds?
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