Correct balance on the asset register ( video below)

An asset register showed a carrying amount of $16,865. A non-current asset costing $3,750 had been sold for $1,000, making a loss on disposal of $313. No entries had been made in the asset register for this disposal.

What is the correct balance on the asset register?

Answer

Gain (loss) on disposal = proceeds – carrying amount of disposal

Carrying amount of disposal = proceeds – gain(loss)                           $

Balance b/d                                                                                               16,865

Less: Carrying amount of non-current asset sold (1,000 + 313)      1,313

                                                                                                                  15,552  

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