Provide the journal entries

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Question - On December 31, 20x1, ABC committed to a plan to sell its building at its current condition. It expects that the sale will occur within 1 year after the end of the current reporting period. The building has a carrying amount of P12,000,000, accumulated Depreciation of P2,000,000 and remaining useful life of 5 years. The Building has a fair value and costs to sell at the end of each year as follows:

Fair Value Costs to Sell

20x1 8,000,000 200,000

20x2 7,500,000 200,000

20x3 9,000,000 300,000

The asset was sold in 20x4.

Required - Provide the journal entries from Dec 31, 20x1 to Dec 31, 20x4.

Reference no: EM132664707

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