The December 31, 2020 and 2019 comparative financial statements of Park Dong Chun Company showed equipment with an original cost of P379,000 and P344,000 with accumulated depreciation of P153,000 and P128,000, respectively. During 2020, the company purchased an equipment costing P50,000 and sold equipment with carrying value of P9,000. What amount should the company report as depreciation expense for the year ended December 31, 2020? A. P19,000 В. Р25,000 С. Р31,000 D. P34,000

The December 31, 2020 and 2019 comparative financial statements of Park Dong Chun Company showed equipment with an original cost of P379,000 and P344,000 with accumulated depreciation of P153,000 and P128,000, respectively. During 2020, the company purchased an equipment costing P50,000 and sold equipment with carrying value of P9,000. What amount should the company report as depreciation expense for the year ended December 31, 2020? A. P19,000 В. Р25,000 С. Р31,000 D. P34,000

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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