Reference no: EM132652378
On December 31, 20x1, an entity classifies a machinery with a cost of P5,000,000, accumulated depreciation of P3,000,000 and remaining useful life of 5 years as held for sale. The entity uses the straight line method in depreciating assets. The fair value on this date is if P1,800,000 whiles costs to sell is P200,000. On December 31, 20x2, the machinery remains unsold. The fair value on this date is P1, 700,000 while costs to sell remains at P200,000. On December 31, 20x3, the machinery remains unsold. The fair value on this date is P2,200, 000 while costs to sell is P100,000. On December 31, 20x4, the entity changed its decision and will continue to use the asset. The fair value at this time is P2,000,000.
Question 1: Provide the journal entries from Dec 31, 20x1 to Dec 31, 20x4.
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