What is the book value of the building

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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Assume that a company acquired a building on January 31, 20x1 at a cost of
P1,000,000. The building has an estimated useful life of 40 years and an
estimated residual value of P200,000. What is the book value of the building at
December 31 20x1? *
980,000
975,000
981,667
977,083
Transcribed Image Text:Assume that a company acquired a building on January 31, 20x1 at a cost of P1,000,000. The building has an estimated useful life of 40 years and an estimated residual value of P200,000. What is the book value of the building at December 31 20x1? * 980,000 975,000 981,667 977,083
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