check my answer for (account for fixed assets qns) =D?
On 1 January 2001, YKK Ltd disposed of a machine EK001 costing $12,000. EK001 was purchased on 1 March 1999 and had an estimated useful life of 5 years with no residual value. The company adopts the straight-line depreciation method. The financial year of YKK Ltd ends on 31 December.
(Required) If EK001 was sold on account for $3,000, calculate the gain or loss on the sale.
——————————
My Workings.
Depreciation for each year
= (cost – residual value) / useful life
= ($12,000 – $0) / 5
= $2,400.
Since EK001 was sold on account for $3,000,
$3,000 – $2,400 = $600 GAIN .
help me check whether my answers are correct ^^ thanks lots 
You calculated the annual depreciation correctly, but you didn’t calculate the book value of the asset to determine your gain or loss.
Using a half year convention you would book $1,200 in 1999 and $2,400 in 2000, for a total depreciation of $3,600. Subracting this from the original cost of $12,000, you are left with a book value of $8,400. Selling it for $3,000 would create a loss of $5,400.
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