Bucasay corp purchased a parcel of land of the price of 2,800, 000 with a building on it, paid in note, on January 1, 2022. In addition, BUCASAY paid a brokage fee of 80,000. The fair values of land and building are 800,000 and php 2,400,000, respectively Buildings residual value is 160,000 with useful life of 10years. 
1. Journal entry to record the transactions from Jan 1, 2022 to december 31, 2022 
2. What is PPE LAPSING to NBV(net book value) at December 31, 2022

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1 Journal entry to record the transactions from Jan 1 2022 to december 31 2022 ... View the full answer