On January 1, 2014, Mimiyuh Company showed accumulated depreciation on machinery with a balance of P3,700,000. At the end of 2014, after the adjusting entries were posted, the accumulated depreciation showed a balance of P3,950,000. During 2014, a machine which cost P1,250,000 was sold for P605,000 cash. The transaction resulted in a loss of P40,000. No other asset was disposed of during the year. What was the depreciation for 2014?

On January 1, 2014, Mimiyuh Company showed accumulated depreciation on machinery with a balance of P3,700,000. At the end of 2014, after the adjusting entries were posted, the accumulated depreciation showed a balance of P3,950,000. During 2014, a machine which cost P1,250,000 was sold for P605,000 cash. The transaction resulted in a loss of P40,000. No other asset was disposed of during the year. What was the depreciation for 2014?

Name: On January 1, 2014, Mimiyuh Company showed accumulated depreciation o
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Description: On January 1, 2014, Mimiyuh Company showed accumulated depreciation on machinerywith a balance of P3,700,000. At the end of 2014, after the adjusting entries were posted,the accumulated depreciation showed a balance of P3,950,000. During 2014, a mac

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 5MC: During 2019, White Company determined that machinery previously depreciated over a 7-year life had a...

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