Sherwin Company uses straight line depreciation for its property, plant, and equipment, which, stated atcost, consisted of the following:20222021Land250,000250,000BuildingsMachinery and equipment1,950,0001,950,0006,950,0006,500,0008,700,0003,700,0005,000,000Total9,150,0004.000,0005,150,000Less: Accumulated depreciationThe depreciation for 2022 and 2021 was P550,000 and P500,000, respectively. What amount wasdebited to accumulated depreciation during 2022 because of property, plant, and equipment retirements?

Depreciation expense on property, plant & equipment is credited to accumulated depreciation…

Sherwin Company uses straight line depreciation for its property, plant, and equipment, which, stated at cost, consisted of the following: 2022 2021 Land 250,000 250,000 Buildings Machinery and equipment Total 1,950,000 1,950,000 6,950,000 9,150,000 4.000,000 5,150,000 6,500,000 8,700,000 3,700,000 5,000,000 Less: Accumulated depreciation The depreciation for 2022 and 2021 was P550,000 and P500,000, respectively. What amount was debited to accumulated depreciation during 2022 because of property, plant, and equipment retirements?

Sherwin Company uses straight line depreciation for its property, plant, and equipment, which, stated at cost, consisted of the following: 2022 2021 Land 250,000 250,000 Buildings Machinery and equipment Total 1,950,000 1,950,000 6,950,000 9,150,000 4.000,000 5,150,000 6,500,000 8,700,000 3,700,000 5,000,000 Less: Accumulated depreciation The depreciation for 2022 and 2021 was P550,000 and P500,000, respectively. What amount was debited to accumulated depreciation during 2022 because of property, plant, and equipment retirements?

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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