On January 1, 2019, AMAZING Company purchased a building worth P25,000,000 with estimated useful life of 50 years and estimated residual value of P500,000. The building is used as headquarter for the company. Employees were very excited and positive on this move by management and many promised to do better on their roles On financial reporting side, the company prepares its financial statement every December 31. On December 31, 2020, what is the book value of the building?

On January 1, 2019, AMAZING Company purchased a building worth P25,000,000 with estimated useful life of 50 years and estimated residual value of P500,000. The building is used as headquarter for the company. Employees were very excited and positive on this move by management and many promised to do better on their roles On financial reporting side, the company prepares its financial statement every December 31. On December 31, 2020, what is the book value of the building?

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Description: On January 1, 2019, AMAZING Company purchased a building worth P25,000,000with estimated useful life of 50 years and estimated residual value of P500,000. Thebuilding is used as headquarter for the company. Employees were very excited andpositive on

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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