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On January 1, 2020, the historical balances of the land and building of Twang Company are: Accumulated depreciation Cost Land P 50,000,000 Building 300,000,000 90,000,000 The land and building were appraised on same date and the revaluation revealed the following= Fair value Land P 80,000,000 Building 350,000.000

On January 1, 2020, the historical balances of the land and building of Twang Company are: Accumulated depreciation Cost Land P 50,000,000 Building 300,000,000 90,000,000 The land and building were appraised on same date and the revaluation revealed the following= Fair value Land P 80,000,000 Building 350,000.000

FINANCIAL ACCOUNTING
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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There were no additions or disposals during 2020. Depreciation is computed on the straight line. The estimated life of the building is 20 years. The depreciation of the building for the year ended December 31, 2020 should be O P25,000,000 O P15,000,000 O P17,500,000 O P10.000.000
Transcribed Image Text:There were no additions or disposals during 2020. Depreciation is computed on the straight line. The estimated life of the building is 20 years. The depreciation of the building for the year ended December 31, 2020 should be O P25,000,000 O P15,000,000 O P17,500,000 O P10.000.000
On January 1, 2020, the historical balances of the land and building of Twang Company are: Accumulated Cost depreciation Land P 50,000,000 Building 300,000,000 90,000,000 The land and building were appraised on same date and the revaluation revealed the following: Fair value Land P 80,000,000 Building 350,000.000
Transcribed Image Text:On January 1, 2020, the historical balances of the land and building of Twang Company are: Accumulated Cost depreciation Land P 50,000,000 Building 300,000,000 90,000,000 The land and building were appraised on same date and the revaluation revealed the following: Fair value Land P 80,000,000 Building 350,000.000
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