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Prepare journal entries to record the acquisition

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Reference no: EM132958396

Question - The Loban Company purchased four cars for P 9,000 each, and expects that they would be sold in three years for P1,500 each. The company uses group depreciation on a straight-line basis.

 Required -

1. Prepare journal entries to record the acquisition and the first year's depreciation.

2. If one of the cars is sold at the beginning of the second year for P 7,000, what journal entry is required?

Reference no: EM132958396

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