Reference no: EM132883036
Macedon Company leased many assets and capitalized most of the leased assets. On December 31, 2020, the entity had the following balances in relation to a piece of specialized equipment:
Right of use asset 4,000,000
Accumulated depreciation 2,465,000
Lease liability 1,300,000
Depreciation has been recorded up to end of the year, and no accrued interest is involved. On December 31, 2020, the entity decided to purchase the equipment for P1,600,000 and paid cash to complete the purchase.
Required:
Problem 1. Prepare journal entry to record the actual purchase of the equipment on the books Macedon Company. (With Explanation)
Problem 2. Prepare journal entries for 2020. (With Explanation)
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