Profit or loss on disposal with the agreed trade in value ( video below)

A non-current asset (cost $35,000, depreciation $22,000 ) is given in part exchange for a new asset costing $43,000. The agreed trade-in value was $15,000. Which of the following will be included in the statement of profit or loss?

Answer

$

Carrying amount at disposal (35,000 – 22,000 )        13,000

Trade-in allowance                                                         15,000

Profit on disposal                                                            2,000

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