LAPD Corporation acquired 20 machines on January 1, 2019 for P900,000. The machines have an average useful life of five years. A group method of depreciation is used to allocate the service potential of the machine to revenue. Machines are retired from service as follows:

 

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End of year 2022 2023 2024 Machines retired and sold 4 14 2 Proceeds on sale 10,000 15,000 2,000 Required: Prepare journal entries from January 1, 2019 to December 31, 2024 to record the transactions. End of year 2022 2023 2024 Machines retired and sold 4 14 2 Proceeds on sale 10,000 15,000 2,000 Required: Prepare journal entries from January 1, 2019 to December 31, 2024 to record the transactions.

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The image presents the schedule of retired and sold machines along with the proceeds on sale for 2022 2023 and 2024 Now lets proceed with the preparation of journal entries from January 1 2019 to Dece... View the full answer