Income information for 2020 taken from the separate company financial sta Ezekiel Corporation and its 75% owned subsidiary, Lamentation Corporation is presented as follows: Ezekiel P1,000,000 P460,000 20,000 75,000 (500,000) (260,000) (100,000) (200,000) P295,000 P1O0,000 Lamentation Sales Gain on sale of building Dividend income Cost of goods sold Depreciation expense Other expenses Net income (60,000) (40,000) Ezekiel gain on sale of building relates to a building with a book value of P40,000 and a 10-year remaining useful life that was sold to Lamentation for P60,000 on January 4, 2020.

Income information for 2020 taken from the separate company financial sta Ezekiel Corporation and its 75% owned subsidiary, Lamentation Corporation is presented as follows: Ezekiel P1,000,000 P460,000 20,000 75,000 (500,000) (260,000) (100,000) (200,000) P295,000 P1O0,000 Lamentation Sales Gain on sale of building Dividend income Cost of goods sold Depreciation expense Other expenses Net income (60,000) (40,000) Ezekiel gain on sale of building relates to a building with a book value of P40,000 and a 10-year remaining useful life that was sold to Lamentation for P60,000 on January 4, 2020.

Name: The Consolidated depreciation expense for 2020 should be:a 180,000 b.
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Description: The Consolidated depreciation expense for 2020 should be:a 180,000 b. 160,000c. 162,000 d. 158,000 Income information for 2020 taken from the separate company financial statements ofEzekiel Corporation and its 75% owned subsidiary, Lamentation Corpor

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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