On December 31, 20x1

, ABC committed to a plan to sell its building at its current condition. It

expects that the sale will occur within 1 year after the end of the current reporting period. The building has

a carrying amount of

P12,000,000, accumulated Depreciation of P2,000,000 and remaining useful life of 5

years. The Building has a fair value and costs to sell at the end of each year as follows:

Fair Value

Costs to Sell

20x1

8,000,000

200,000

20x2

7,500,000

200,000

20x3

9,00

0,000

300,000

The asset was sold in 20x4.

Provide the journal entries from Dec 31, 20x1 to Dec 31, 20x4.