The December 31, 2021 and 2020 comparative financial statements of Galley Company showed equipment with an original cost pf P379,000 and P344,000 with accumulated depreciation of P153,000 and P128,000, respectively. During 2021, the company purchased equipment costing P50,000 and sold equipment with a book value of P9,000. What amount should the company report as depreciation expense for 2021?

The December 31, 2021 and 2020 comparative financial statements of Galley Company showed equipment with an original cost pf P379,000 and P344,000 with accumulated depreciation of P153,000 and P128,000, respectively. During 2021, the company purchased equipment costing P50,000 and sold equipment with a book value of P9,000. What amount should the company report as depreciation expense for 2021?

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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