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A delivery truck was purchased 4 years ago at a cost of P1,000,000

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A delivery truck was purchased 4 years ago at a cost of P1,000,000. It had an estimated useful life of 10 years and estimated scrap value of P50,000. After 4 years, the old engine is replaced with a more powerful one at a cost of P220,000. The replacement did not change the estimated scrap value but extended the life of the delivery truck by 2 years. The old engine, whose allocated cost is P100,000 with no estimated scrap value is sold for P40,000 20. Give the entry to record the sale of the old engine. 21. Give the entry to record the replacement 22. Give the entry to record depreciation for the 5th year. Chart of Accounts: A Cash C Accumulated Depreciation-Delivery Truck E Loss on Retirement of Delivery Truck B Delivery Truck D Depreciation-Delivery Truck