Cost of the asset$100,000
Life of the asset 5 years
Depreciation rate20%
Capital cost allowance rate 50%
Residual value of the asset nil
Income tax rate 50%
-Which of the following is included in the statement of changes in equity?

Question

Cost of the asset$100,000 
Life of the asset 5 years 
Depreciation rate20% 
Capital cost allowance rate 50% 
Residual value of the asset nil 
Income tax rate 50%
-Which of the following is included in the statement of changes in equity?

Quizplus · Accepted Answer

Profit for the year is included in the statement of changes in equity as it impacts retained earnings, a component of equity.

Cost of the Asset$100,000