Question
Poe Company disclosed that the depreciation policy on machinery is as follows: - A full year depreciation is taken in the year of acquisition. -
Poe Company disclosed that the depreciation policy on machinery is as follows:
- A full year depreciation is taken in the year of acquisition.
- No depreciation in the year of disposition.
- The estimated useful life is five years.
- The straight line method is used.
On June 30, 2018, the entity sold for P 2 300 000 a machine acquired in 2015 for P 4 200 000. The residual value was P 600 000.
What amount of the gain on the disposal should be recorded in 2018?
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Security Audit And Control Features Oracle E Business Suite
Authors: Deloitte Touche Tohmatsu Research Team And Isaca
3rd Edition
1604201061, 978-1604201062
