The following are available from Pinkish Gambino: Machinery Equipment Cost of Acquisition P560,000 P140,000 Estimated Salvage Value 60,000 20,000 Date of Acquisition January 1, 2020 July 1, 2020 Estimated Life 10 years 5 years On October 1, 2023, the above machinery was sold for P400,000 while the equipment could no longer be used on March 31, 2023 and the company received P50,000 from the insurers in full settlement of the claim. How much is the net gain or net loss from the disposal of the assets above? 3,500 24,000 27,500 23,500

The following are available from Pinkish Gambino: Machinery Equipment Cost of Acquisition P560,000 P140,000 Estimated Salvage Value 60,000 20,000 Date of Acquisition January 1, 2020 July 1, 2020 Estimated Life 10 years 5 years On October 1, 2023, the above machinery was sold for P400,000 while the equipment could no longer be used on March 31, 2023 and the company received P50,000 from the insurers in full settlement of the claim. How much is the net gain or net loss from the disposal of the assets above? 3,500 24,000 27,500 23,500

Name: The following are available from Pinkish Gambino:MachineryEquipmentCo
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Description: The following are available from Pinkish Gambino:MachineryEquipmentCost of AcquisitionP560,000P140,000Estimated Salvage Value 60,00020,000Date of AcquisitionJanuary 1, 2020July 1, 2020Estimated Life10 years5 yearsOn October 1, 2023, the above machin

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 11EB: The following intangible assets were purchased by Hanna Unlimited: A. A patent with a remaining...

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