An elevator system for a 15-yr old high-rise office building cost P 18M when first installed. The system was designed to last 30 years, with salvage value 10% of the initial cost. Using double declining balance method, what will be the book value at the end of 20 years? a) P 11.61 M b) P 6.39 M c) P 13.47 M d) P 4.53 M

An elevator system for a 15-yr old high-rise office building cost P 18M when first installed. The system was designed to last 30 years, with salvage value 10% of the initial cost. Using double declining balance method, what will be the book value at the end of 20 years? a) P 11.61 M b) P 6.39 M c) P 13.47 M d) P 4.53 M

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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