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Find what is the entry to record the sale of the asset

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Reference no: EM132956398

Assume the following data:

                                  COST                   REPLACEMENT COST

Equipment              P6,500,000                P9,200,000

Residual Value           500,000                 200,000

Useful Life 12

Age of the equipment 2

Accumulated Depreciation  ?                        ?

REQUIRED

Problem a) Prepare the entry for the revaluation.

Problem b) Prepare the entry for subsequent depreciation.

Problem c) Prepare the entry for piecemeal realization of Revaluation Surplus.

Problem d) If the equipment was sold for P8,000,000 one year after revaluation, what is the entry to record the sale of the asset?

Reference no: EM132956398

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