The following items were listed at cost by Cake Company and are depreciated according to the straight-line method: Land Building Machinery & Equipment Total Accumulated Depreciation Net Book Value 12/31/2022 P 2,000,000.00 10,560,000.00 5,560,000.00 P 18,120,000.00 3,200,000.00 P 14,920,000.00 12/31/2023 P 2,000,000.00 10,560,000.00 5,200,000.00 P 17,760,000.00 3,200,000.00 P 14,560,000.00 Cake depreciation expense for 2023 and 2022 were P 440,000 and P 400,000, respectively. Based on the data provided, what is the debit to accumulated depreciation recorded in 2023?

The following items were listed at cost by Cake Company and are depreciated according to the straight-line method: Land Building Machinery & Equipment Total Accumulated Depreciation Net Book Value 12/31/2022 P 2,000,000.00 10,560,000.00 5,560,000.00 P 18,120,000.00 3,200,000.00 P 14,920,000.00 12/31/2023 P 2,000,000.00 10,560,000.00 5,200,000.00 P 17,760,000.00 3,200,000.00 P 14,560,000.00 Cake depreciation expense for 2023 and 2022 were P 440,000 and P 400,000, respectively. Based on the data provided, what is the debit to accumulated depreciation recorded in 2023?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 60E

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