These are the balance sheets of Mitchell Ltd:  30 June    30 June  2011      2012  Plant          $10 000    $15 000  Accumulated Depreciation – Plant  $  4 000    $  5 000  The profit and loss statem

These are the balance sheets of Mitchell Ltd: 

30 June    30 June 

2011      2012 

Plant          $10 000    $15 000 

Accumulated Depreciation – Plant  $  4 000    $  5 000 

The profit and loss statement for the year ended 30 June 2012 shows: 

Depreciation Expense – plant       $1 500 

Proceeds from the sale of plant      $1 600 

Carrying value of plant sold        $2 500 

During the year Mitchell Ltd sold plant which had cost $3 000. 

The accumulated depreciation on the plant sold by Mitchell during the year is: