JOGGERS, INC. REPORTED P60,000 net income for 1993. During the year, machinery costing P4,000 and land costing P6,000 were purchased. A machinery was sold for P300 which was its net book value. Selected account information follows: Jan. 1, 1993 Dec. 31 1993 Land P5,000 P11,000 Machinery 8.000 7,000 Accumulated depreciation 3,000 2,000

JOGGERS, INC. REPORTED P60,000 net income for 1993. During the year, machinery costing P4,000 and land costing P6,000 were purchased. A machinery was sold for P300 which was its net book value. Selected account information follows: Jan. 1, 1993 Dec. 31 1993 Land P5,000 P11,000 Machinery 8.000 7,000 Accumulated depreciation 3,000 2,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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