Numble leathers and tanners uses SLM for property, plant and equipment which consisted of the following at the end of each year: 2019 2020 Land 250,000 250,000 Building 1,950,000 1,950,000 Machinery & equipment 6,500,000 6,950,000 Accumulated depreciation 3,700,000 4,000,000 The depreciation expense for 2019 and 2020 was P500,000 and P550,000, respectively. What amount was debited to accumulated depreciation during 2020 because of property, plant and equipment retirement?

Numble leathers and tanners uses SLM for property, plant and equipment which consisted of the following at the end of each year: 2019 2020 Land 250,000 250,000 Building 1,950,000 1,950,000 Machinery & equipment 6,500,000 6,950,000 Accumulated depreciation 3,700,000 4,000,000 The depreciation expense for 2019 and 2020 was P500,000 and P550,000, respectively. What amount was debited to accumulated depreciation during 2020 because of property, plant and equipment retirement?

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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