Question: JOURNAL ENTRIES - DEC. 31, 2004 On May 01, 2002, MYSTERYSCOT MANUFACTURING acquired a machine in exchange for 1,000 shares of its own P100 par

JOURNAL ENTRIES - DEC. 31, 2004

On May 01, 2002, MYSTERYSCOT MANUFACTURING acquired a machine in exchange for 1,000 shares of its own P100 par value common stock having a fair market value of P120 on this date. The machine was recorded in the accounts at P100,000. Company policy is to take one half years depreciation on all asset acquisitions or disposals during the year. Machinery is depreciated on a straight line basis (no salvage value based on an estimated life of 10 years.) The company has recorded depreciation charge of P1,500 on this machine from acquisition to the end of the current period.

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