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On 1 January 2019, ABC, Inc. decided to replace its existing machinery which it had acquired on 1 January 2016 for P40 million and initiated process for acquisition of new machinery. Simultaneously, it also initiated efforts to sell of the old machinery. The new machinery was commissioned on 30 March 2019. The company depreciates machinery assuming a zero residual value and 5-year total useful life. The carrying value of old machinery as at 1 January 2019 worked out to P16 million. If the fair value of the old machinery is P12 million and it would cost 10% of the sale proceeds to close the deal, find out when the company should classify the machinery as held-for-sale.
Problem 1.) What is the journal entry to record the reclassification?
Problem 2.) How much is the total depreciation expense to be recognized for 2019?
Problem 3.) How much is the loss/gain on classification of the old machinery as held for
Problem 4.) What is the journal entry to record the depreciation expense, if there is?
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