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34. An Entity bought an office equipment costing P60,000. It was however, charged to repairs and maintenance. Data about the office machine follows: * Date of Purchase : June 30, 2020 Estimated Life : 5 years Salvage Value : none

34. An Entity bought an office equipment costing P60,000. It was however, charged to repairs and maintenance. Data about the office machine follows: * Date of Purchase : June 30, 2020 Estimated Life : 5 years Salvage Value : none

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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34. An Entity bought an office equipment costing P60,000. It was however, charged to repairs and maintenance. Data about the office machine follows: * Date of Purchase : June 30, 2020 Estimated Life 5 years Salvage Value : none The error was discovered and was corrected on December 31, 2020 during the closing of the books of accounts. How much is the computed depreciation of the office equipment for the year ended Dec. 31, 2020? A. P6,000 B. P7,000 O C. P8,000 O D. P12,000
Transcribed Image Text:34. An Entity bought an office equipment costing P60,000. It was however, charged to repairs and maintenance. Data about the office machine follows: * Date of Purchase : June 30, 2020 Estimated Life 5 years Salvage Value : none The error was discovered and was corrected on December 31, 2020 during the closing of the books of accounts. How much is the computed depreciation of the office equipment for the year ended Dec. 31, 2020? A. P6,000 B. P7,000 O C. P8,000 O D. P12,000
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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