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Prepare journal entries to record the acquisition

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Reference no: EM132873771

The Loban Company purchased four cars for P 9,000 each, and expects that they would be sold in three years for P1,500 each. The company uses group depreciation on a straightline basis.

Required

Problem 1. Prepare journal entries to record the acquisition and the first year's depreciation.

Problem 2. If one of the cars is sold at the beginning of the second year for P 7,000, what journal entry is required?

Reference no: EM132873771

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