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?

CHOICES:

credit Accumulated Depreciation, P1,750,000

credit Loss from Derecognition, P350,000

credit Machineries, P2,100,000

credit Machineries, P350,000