Problem 28-19 (IAA) On January 1, 2022, Zoe Company showed accumulated depreciation on machinery with a balance of P3,700,000. On December 31, 2022, after the adjusting entries were posted, the accumulated depreciation showed a balance of P3,900,000. During 2022, a machine costing P1,300,000 was sold for P500,000 cash. The transaction resulted in a loss of P100,000. No other asset was disposed of during the current year. 1. What amount was recorded as accumulated depreciation on machine sold? a. 700,000 b. 500,000 c. 200,000 d. 300,000 2. What amount was recorded as depreciation for 2022? a. 900,000 b. 800,000 c. 200,000 d. 600,000
Problem 28-19 (IAA) On January 1, 2022, Zoe Company showed accumulated depreciation on machinery with a balance of P3,700,000. On December 31, 2022, after the adjusting entries were posted, the accumulated depreciation showed a balance of P3,900,000. During 2022, a machine costing P1,300,000 was sold for P500,000 cash. The transaction resulted in a loss of P100,000. No other asset was disposed of during the current year. 1. What amount was recorded as accumulated depreciation on machine sold? a. 700,000 b. 500,000 c. 200,000 d. 300,000 2. What amount was recorded as depreciation for 2022? a. 900,000 b. 800,000 c. 200,000 d. 600,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Problem 28-19 (IAA)
On January 1, 2022, Zoe Company showed accumulated
depreciation on machinery with a balance of P3,700,000.
On December 31, 2022, after the adjusting entries were
posted, the accumulated depreciation showed a balance of
P3,900,000.
During 2022, a machine costing P1,300,000 was sold for
P500,000 cash. The transaction resulted in a loss of P100,000.
No other asset was disposed of during the current year.
1. What amount was recorded as accumulated depreciation
on machine sold?
a. 700,000
b. 500,000
c. 200,000
d. 300,000
2. What amount was recorded as depreciation for 2022?
a. 900,000
b. 800,000
c. 200,000
d. 600,000
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