Enter Sandman Co. purchased manufacturing equipment from Sad But True Co. on January 1, 20x8 at a total cost of P9,000,000. Enter Sandman uses the straight-line method of depreciation and estimates that the equipment has a useful life of 10 years. On July 1, 20x8 and July 1, 20x9 Enter Sandman performed major regular inspections on the equipment costing P380,000 and P425,000, respectively. The costs of inspection satisfied the recognition criteria for capitalization. How much is the carrying amount of the equipment on December 31, 20x9? O 7,600,000 O 7,920,000 O 7,875,000 O 7,529.412

Enter Sandman Co. purchased manufacturing equipment from Sad But True Co. on January 1, 20x8 at a total cost of P9,000,000. Enter Sandman uses the straight-line method of depreciation and estimates that the equipment has a useful life of 10 years. On July 1, 20x8 and July 1, 20x9 Enter Sandman performed major regular inspections on the equipment costing P380,000 and P425,000, respectively. The costs of inspection satisfied the recognition criteria for capitalization. How much is the carrying amount of the equipment on December 31, 20x9? O 7,600,000 O 7,920,000 O 7,875,000 O 7,529.412

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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