Notorious Company provided the following data related to an equipment on the date of revaluation: Cost...
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Notorious Company provided the following data related to an equipment on the date of revaluation: Cost Replacement cost 9,200,000 200,000 6,500,000 500,000 Equipment Residual value Useful life in years Age of the machinery Accumulated depreciation Required: 1. Prepare journal entries for the current year. 2. What is journal entry for the sale of the equipment for P8,000,000, one year after revaluation? 12 2 ? ? Notorious Company provided the following data related to an equipment on the date of revaluation: Cost Replacement cost 9,200,000 200,000 6,500,000 500,000 Equipment Residual value Useful life in years Age of the machinery Accumulated depreciation Required: 1. Prepare journal entries for the current year. 2. What is journal entry for the sale of the equipment for P8,000,000, one year after revaluation? 12 2 ? ?
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