On September 30, 2020, Zee Company purchased an equipment for P240,000 to be used for the next 4 years. How much is the carrying value of theequipment on December 31, 2023?O P225,000O P165,000O P240,000O P105,000 On January 1,2019, Flora Inc. purchased natural resources for P36,000,000. The company expects the resources to produce 1,200,000 units of products.How much is the depletion expense for 2020 if the company mined and sold 260,000 units?O P8,400,000OP8,000,000O P7,800,000O P8,200,000

Depreciation Expense are not deducted from Cost of the Asset instead they are held in the…

Answered: On September 30, 2020, Zee Company…

On September 30, 2020, Zee Company purchased an equipment for P240,000 to be used for the next 4 years. How much is the carrying value of the equipment on December 31 20232

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

On September 30, 2020, Zee Company purchased an equipment for P240,000 to be used for the next 4 years. How much is the carrying value of the
equipment on December 31, 2023?
O P225,000
O P165,000
O P240,000
O P105,000

On January 1,2019, Flora Inc. purchased natural resources for P36,000,000. The company expects the resources to produce 1,200,000 units of products.
How much is the depletion expense for 2020 if the company mined and sold 260,000 units?
O P8,400,000
OP8,000,000
O P7,800,000
O P8,200,000

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