Reference no: EM132554632
The Machinery account of Peso Company contains the following entries during the year:
Date Item Debit Credit
2019 Jan. 1 Balance P 600,000
Jun. 30 Purchased four new machines 360,000
Installation cost of new machines 16,000
Sept. 30
Proceeds from sales of old machine, cost P50,000, accumulated depreciation P35,000
P 22,000
Oct. 31 Repairs of machinery 25,000
Dec. 1
Cash paid for trade-in of old machines, cost P30,000, accumulated depreciation P12,000. Cash price of new machine, P90,000 75,000
Dec. 31 Balance 1,054,000
Total P1,076,000 P1,076,000
Question 1: What is the correct balance of the Machinery account on December 31, 2019?
Select one:
a. P1,019,000
b. P1,054,000
c. P1,016,000
d. P986,000
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