Q: 11
CORRECT TEXT An entity bought a capital item for $110,000 on 1 March 20X4 incurring legal fees at the date of purchase of $2,500. On 1 May 20X4 additional costs classified as capital expenditure by the tax rules of the country of $25,000 were incurred in respect of the asset. On 1 June 20X4 repairs not classified as capital expenditure were incurred at a cost of $15,000. The asset was sold for $250,000 on 30 November 20X8 and costs to sell were incurred of $4,300. Calculate the chargeable gain on the disposal. Give your answer to the nearest $.
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