20. The comparative statements of financial position of Andante Co. show the following information: 20x2 20x1 2,500,000 1,000,000 Buildings Accumulated depreciation (200,000) (200,000) During 20x2, Andante Co. sold an old building with historical cos of P800,000 for P260,000 and appropriately recognized a loss of P40,000 on the sale. How much are the (1) cost of acquisitions of building and (2) depreciation expensë recognized in 20x2? a. 2,300,000; 0 b. 2,300,000; 500,000 c. 1,500,000; 0 d. 1,500,000; 200,000

20. The comparative statements of financial position of Andante Co. show the following information: 20x2 20x1 2,500,000 1,000,000 Buildings Accumulated depreciation (200,000) (200,000) During 20x2, Andante Co. sold an old building with historical cos of P800,000 for P260,000 and appropriately recognized a loss of P40,000 on the sale. How much are the (1) cost of acquisitions of building and (2) depreciation expensë recognized in 20x2? a. 2,300,000; 0 b. 2,300,000; 500,000 c. 1,500,000; 0 d. 1,500,000; 200,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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