Calculate decline in value and closing balance of asset pool, Financial Accounting

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Calculate decline in value and closing balance of asset pool

Problem

Eric is a resident individual taxpayer. He has a general small business pool with an opening balance of $35010.

During the year, he purchased a computer system with an effective life of 6 years for $7500 and sold a piece of equipment from the asset pool for $35100.

Calculate the following:

a) Decline in value.
b) Closing balance of asset pool.

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Financial Accounting: Calculate decline in value and closing balance of asset pool

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Financial Accounting: Calculate decline in value and closing balance of asset pool

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