18. The property, plant and equipment account of Toy Shop Manila was revisited by its property officers. They discovered that due to obsolescence, machineries with a total historical cost of P2,100,000 and accumulated depreciation of P1,750,000, will no longer provide economic benefits to the company wither from its disposal or use. Which of the following will be included in the journal entries to record the derecognition of these machineries? A. credit Accumulated Depreciation, P1,750,000 B. credit Loss from Derecognition, P350,000 C. credit Machineries, P350,000 D. credit Machineries, P2,100,000

18. The property, plant and equipment account of Toy Shop Manila was revisited by its property officers. They discovered that due to obsolescence, machineries with a total historical cost of P2,100,000 and accumulated depreciation of P1,750,000, will no longer provide economic benefits to the company wither from its disposal or use. Which of the following will be included in the journal entries to record the derecognition of these machineries? A. credit Accumulated Depreciation, P1,750,000 B. credit Loss from Derecognition, P350,000 C. credit Machineries, P350,000 D. credit Machineries, P2,100,000

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 1AFE

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The property, plant and equipment account of Cuddle PH was revisited by its property officers. They discovered that due to obsolescence, machineries with a total historical cost of P2,100,000 and accumulated depreciation of P1,750,000, will no longer provide economic benefits to the company wither from its disposal or use.Which of the following will be included in the journal entries to record the derecognition of these machineries? A. credit Accumulated Depreciation, P1,750,000 B. credit Machineries, P350,000 C. credit Loss from Derecognition, P350,000 D. credit Machineries, P2,100,000
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