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MArishka [77]
3 years ago
7

Kiwi Plc sold an antique painting which had been purchased inJanuary 1996 for £21,000. It was sold for £4,200 in January 2021. T

he proceeds were received net of auction fees of £650. What is Kiwi Plc's allowable loss?​
Business
1 answer:
Hitman42 [59]3 years ago
5 0

Answer:

$17,450

Explanation:

The antique painting that was bought in January 1996 was sold for $21,000

It was sold for 4,200 in January 2021

It received a net auction fee of 650

Therefore the allowable loss can be calculated as follows

= 21,000-4200+650

= 17,450

Hence the allowable loss is $17,450

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