Numble leathers and tanners uses SLM for property, plant and equipment which consisted of the following at the end of each year: 2019 2020 Land 250,000 250,000 Building 1,950,000 1,950,000 Machinery & equipment 6,500,000 6,950,000 Accumulated depreciation 3,700,000 4,000,000 The depreciation expense for 2019 and 2020 was P500,000 and P550,000, respectively. What amount was debited to accumulated depreciation during 2020 because of property, plant and equipment retirement?

Numble leathers and tanners uses SLM for property, plant and equipment which consisted of the following at the end of each year: 2019 2020 Land 250,000 250,000 Building 1,950,000 1,950,000 Machinery & equipment 6,500,000 6,950,000 Accumulated depreciation 3,700,000 4,000,000 The depreciation expense for 2019 and 2020 was P500,000 and P550,000, respectively. What amount was debited to accumulated depreciation during 2020 because of property, plant and equipment retirement?

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 2E: Depreciation Methods Sorter Company purchased equipment for 200,000 on January 2, 2019. The...

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