n January 1, 2019, the Accumulated Depreciation – Machinery account of a particular company showed a balance of P 370,000. At the end of 2014, after adjusting entries were posted, it showed a balance of P 395,000. During 2014, one of the machines which cost P125,000 was sold for P60,500 cash. This resulted in a loss of P4,000. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2019? (This problem earns you a five-point bonus if your answer is correct) a. 25,000 c. 85,500 b. 60,000 d. 93,500
n January 1, 2019, the Accumulated Depreciation – Machinery account of a particular company showed a balance of P 370,000. At the end of 2014, after adjusting entries were posted, it showed a balance of P 395,000. During 2014, one of the machines which cost P125,000 was sold for P60,500 cash. This resulted in a loss of P4,000. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2019? (This problem earns you a five-point bonus if your answer is correct) a. 25,000 c. 85,500 b. 60,000 d. 93,500
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 7P: Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset,...
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On January 1, 2019, the Accumulated Depreciation – Machinery account of a particular company
showed a balance of P 370,000. At the end of 2014, after adjusting entries were posted, it showed a
balance of P 395,000. During 2014, one of the machines which cost P125,000 was sold for P60,500
cash. This resulted in a loss of P4,000.
Assuming that no other assets were disposed of during the year, how much was depreciation expense
for 2019? (This problem earns you a five-point bonus if your answer is correct)
a. 25,000 c. 85,500
b. 60,000 d. 93,500
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