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On October 1, 2016, the Red Chili Company declared dividends to its ordinary shareholders distributable in the form of pieces of equipment. These equipment were acquired on October 1, 2010 at a total cost of 450,000 and were depreciated over a ten year estimated useful life with no estimated scrap value using the straight time depreciation.
The dividends were distributed on January 31, 2017. The equipment were estimated to have the following market value:
October 1, 2016 P190,000
December 31, 2016 160,000
January 31, 2017 175,000
REQUIREMENT:
Question 1: Give the entries relative to the foregoing, including any adjustment on December 31, 2016.
What was the book value of the equipment at December 31, 2006, the end of the fiscal year? Assuming that the equipment was sold on July 1, 2007, for $135,000, journalize the entries to record (1) depreciation.
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