Salawahan Company had the following machineries that are depreciated under the group depreciation method: ...
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Accounting
Salawahan Company had the following machineries that are depreciated under the group depreciation method:
|
| Cost | Residual Value | Depreciable Cost | Useful Life | Depreciation |
| Equipment A | P3,200,000 | P200,000 | P3,000,000 | 15 | P200,000 |
| Equipment B | 2,100,000 | 100,000 | 2,000,000 | 8 | 250,000 |
| Equipment C | 5,300,000 | 300,000 | 5,000,000 | 10 | 500,000 |
| Total | P10,600,000 | P600,000 | P10,000,000 |
| P950,000 |
After 4, years Salawahan sold Equipment A for P800,000 and purchased Equipment D for P5,000,000 to replace the asset. How much is the debit to accumulated depreciation upon sale of Equipment A? (Use 2 decimal places in computing for the composite rate, e.g., 2.51%)
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