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?
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?
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 32CE
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Question
11. Sherwin Company
![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
9,150,000
4.000.000
5,150,000
6,500,000
8,700,000
3,700,000
5,000,000
Total
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%2F2f79b305-8943-423c-a834-f2959a978fc3%2F4a4847c7-e4b3-4cdc-86d8-800a99a597fa%2Fd7en2gf_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
9,150,000
4.000.000
5,150,000
6,500,000
8,700,000
3,700,000
5,000,000
Total
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?
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