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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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
1,950,000
1,950,000
6,950,000
6,500,000
8,700,000
3,700,000
5,000,000
Total
9,150,000
4.000,000
5,150,000
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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F620090a8-8112-43d1-8752-b348cc66ce76%2F0d9dbbf6-8e3b-4cd8-9670-992e8085c8b4%2Fguzhmiu_processed.png&w=3840&q=75)
Transcribed Image Text: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
1,950,000
1,950,000
6,950,000
6,500,000
8,700,000
3,700,000
5,000,000
Total
9,150,000
4.000,000
5,150,000
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?
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education