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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 2, 2017, BTS Company purchased equipment costing P1,500,000. The estimated useful life of the equipment is 8 years with est. residual value of P50,000. The company is using straight-line method of
On July 1, 2021, the equipment held for sale was sold for P750,000.
Required:
- Entries on July 1, 2020 and December 31, 2020
- Entry to record the sale on July 1, 2021
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