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Utabba Air has an executive helicopter that originally cost P7,200,000. Straight line depreciation on the helicopter has been recorded for six years, with a P600,00 expected salvage value at the end of its estimated eight-year useful life. The last depreciation entry was made at the end of the sixth year. Eight months into the seventh year, Utabba suddenly disposed of the helicopter..
Required:
Prepare the journal entries to record the following:
1. Depreciation expense to the date of disposal.
2. Sale of the helicopter for cash at its book value.
3. Sale of the helicopter for P1,820,000 cash.
4. Sale of the helicopter for P1,600,000 cash.
Required:
Prepare the journal entries to record the following:
1. Depreciation expense to the date of disposal.
2. Sale of the helicopter for cash at its book value.
3. Sale of the helicopter for P1,820,000 cash.
4. Sale of the helicopter for P1,600,000 cash.
Please help me to answer this... pls pls...?
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