1. Prepare journal entries for the current year. 2. What is journal entry for the sale of the equipment for P8,000,000, one year after revaluation?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Please answer the required part, numbers 1 and 2 with complete solution. Thank you.

Problem 29-4 (ACP)
Notorious Company provided the following data related to an
equipment on the date of revaluation:
Cost Replacement cost
Equipment
Residual value
Useful life in years
Age of the machinery
Accumulated depreciation
6,500,000
500,000
9,200,000
200,000
12
2
?
Required:
1. Prepare journal entries for the current year.
2. What is journal entry for the sale of the equipment for
P8,000,000, one year after revaluation?
Transcribed Image Text:Problem 29-4 (ACP) Notorious Company provided the following data related to an equipment on the date of revaluation: Cost Replacement cost Equipment Residual value Useful life in years Age of the machinery Accumulated depreciation 6,500,000 500,000 9,200,000 200,000 12 2 ? Required: 1. Prepare journal entries for the current year. 2. What is journal entry for the sale of the equipment for P8,000,000, one year after revaluation?
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