Case 4 - A machine costing P75,000 purchased on January 2, 2018, was incorrectly charged to repairs expense. The machine had a useful life of 5 years with no residual value. Depreciation is on a straight line basis. 2018 2019 2020 ITEMS Repairs expense for the year Depreciation expense for the year Net income Machinery Accumulated depreciation, year-end Net book value, year-end Retained earnings, before closing Retained earnings, after closing Case 5 - In January 2018, repair cost of P9,000 was debited to the machinery account. At the beginning of 2018, the book value of machinery was P100,000. No residual value is expected, the remaining estimated life is 3 years, and the straight line depreciation is used. 2018 2019 2020 ITEMS Repairs expense for the year Depreciation expense for the year Net income Machinery Accumulated depreciation, year-end Net book value, year-end Retained earnings, before closing Retained earnings, after closing Case 4 - A machine costing P75,000 purchased on January 2, 2018, was incorrectly charged to repairs expense. The machine had a useful life of 5 years with no residual value. Depreciation is on a straight line basis. 2018 2019 2020 ITEMS Repairs expense for the year Depreciation expense for the year Net income Machinery Accumulated depreciation, year-end Net book value, year-end Retained earnings, before closing Retained earnings, after closing Case 5 - In January 2018, repair cost of P9,000 was debited to the machinery account. At the beginning of 2018, the book value of machinery was P100,000. No residual value is expected, the remaining estimated life is 3 years, and the straight line depreciation is used. 2018 2019 2020 ITEMS Repairs expense for the year Depreciation expense for the year Net income Machinery Accumulated depreciation, year-end Net book value, year-end Retained earnings, before closing Retained earnings, after closing