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JOURNAL ENTRIES - DEC 31, 2004 MYSTERYSCOT MANUFACTURING purchased a machine on January 1, 2001...

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Accounting

JOURNAL ENTRIES - DEC 31, 2004

MYSTERYSCOT MANUFACTURING purchased a machine on January 1, 2001 for P1,500,000. At the date of acquisition, the machine had an estimated useful life of 6 years with no residual value. The machine is being depreciated on a straight-line basis. On January 1, 2004, management determined as a result of additional information, that the machine had an estimated useful life of 8 years from the date of acquisition with no residual value.

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