These are extracts from the balance sheets of Mitchell Ltd: $\begin{array}{lrr} &30 \text { June }\
& 2013 & 2014 \
\text { Plant } & \$ 10000 & \$ 15000 \
\text { Accurmulated depreciation - plant } & 4000 & 5000
\end{array}$
$\begin{array}{l}
\text { The income statement for the year ended } 30 \text { June } 2014 \text { shows: }\
\begin{array}{ll}
\text { Depreciation expense - plant } & 1500 \
\text { Proceeds from the sale of plant } & 1600 \
\text { Carrying value of plant sold } & 2500
\end{array}
\end{array}$ During the year Mitchell Ltd sold plant that had cost $3,000.The accumulated depreciation on the plant sold by Mitchell Ltd during year is:

Question

Quizplus · Accepted Answer

The carrying value of the plant sold is $2500, and the cost was $3000, so the accumulated depreciation is $3000 - $2500 = $500.

These Are Extracts from the Balance Sheets of Mitchell Ltd