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Machinery costing P820,000 on 1 January and P940,000 on 31 December were reported at net of accumulated depreciation of P552,500 and P683,000 respectively. A machine acquired for P80,000 and carrying value of P32,000 was sold in the year. How much is the depreciation expense?

Machinery costing P820,000 on 1 January and P940,000 on 31 December were reported at net of accumulated depreciation of P552,500 and P683,000 respectively. A machine acquired for P80,000 and carrying value of P32,000 was sold in the year. How much is the depreciation expense?

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 5CE: Prepare journal entries for the following transactions: a. A machine with a cost of 10,000 and...
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Machinery costing P820,000 on 1 January and P940,000 on 31 December were reported at net of accumulated depreciation of P552,500 and P683,000 respectively. A machine acquired for P80,000 and carrying value of P32,000 was sold in the year. How much is the depreciation expense?

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