Machinery costing P820,000 on 1 January and P940,000 on 31 December were reported at net of accumulated depreciation of P552,500 and P683,000 respectively. A machine acquired for P80,000 and carrying value of P32,000 was sold in the year. How much is the depreciation expense? Choices; P37,500 P39,000 P162,500

Machinery costing P820,000 on 1 January and P940,000 on 31 December were reported at net of accumulated depreciation of P552,500 and P683,000 respectively. A machine acquired for P80,000 and carrying value of P32,000 was sold in the year. How much is the depreciation expense? Choices; P37,500 P39,000 P162,500

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Description: Machinery costing P820,000 on 1 January and P940,000 on 31 December were reported at net of accumulated depreciation of P552,500 and P683,000 respectively. A machine acquired for P80,000 and carrying value of P32,000 was sold in the year. How much is

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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