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Included in Joey Ltd's accounting profit before tax for the year ended 30 June 2020...

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Accounting

Included in Joey Ltd's accounting profit before tax for the year ended 30 June 2020 of $2,895,364 was a Gain on sale of equipment of $26,850. The equipment was sold by the company for $81,950 on 30 June 2020. It was originally purchased on 1 July 2017 for $140,400. The tax depreciation rate on the machinery is 20%.

What is the amount of the gain/(loss) on sale of equipment for tax purposes to be included by the company in the calculation of its taxable income/profit for the year ended 30 June 2020?

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