3. An entity takes a full year depreciation in the year of acquisition and no depreciation in the year of disposition. Data relating to a depreciable asset on December 31, 2020 are cost P5,500,000, residual value P1,000,000, accumulated depreciation P3,600,000 and useful life 5 years. The asset was acquired on July 1, 2018. Using the same depreciation method in 2018, 2019 and 2020, what amount of depreciation should be recorded in 2021?

3. An entity takes a full year depreciation in the year of acquisition and no depreciation in the year of disposition. Data relating to a depreciable asset on December 31, 2020 are cost P5,500,000, residual value P1,000,000, accumulated depreciation P3,600,000 and useful life 5 years. The asset was acquired on July 1, 2018. Using the same depreciation method in 2018, 2019 and 2020, what amount of depreciation should be recorded in 2021?

Name: 3. An entity takes a full year depreciation in the year of acquisitio
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Description: 3. An entity takes a full year depreciation in the year of acquisition and no depreciation in the year ofdisposition. Data relating to a depreciable asset on December 31, 2020 are cost P5,500,000, residual valueP1,000,000, accumulated depreciation P

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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