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Prepare the necessary journal entries

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Question - On January 1, 2018, Excel Company purchased an asset for Php 1,000,000 with an estimated useful life of 10 years. Straight line method of depreciation is to be used. On January 1, 2020, it was properly determined that the recoverable amount of the asset is Php 640,000. On January 1, 2021, it was properly computed that the recoverable amount of the asset is Php 740,000. Under the cost model, prepare the necessary journal entries in 2020 and 2021.

Reference no: EM132796286

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