Vilma Company has estimated that total depreciation expense for the year ended December 31, 2020 will amount to P250,000. As of the beginning of the year, the company had fixed assets amounting to P2,000,000 and acquired additional fixed assets of P1,000,000 on July 1, 202O. The estimated useful life is for 10 years. The 2020 year-end bonuses to employees will total P600,00O. In Vilma's interim income statement for the six months ended June 30, 2020, what total amount of expense relating to these two items should be reported? *

Vilma Company has estimated that total depreciation expense for the year ended December 31, 2020 will amount to P250,000. As of the beginning of the year, the company had fixed assets amounting to P2,000,000 and acquired additional fixed assets of P1,000,000 on July 1, 202O. The estimated useful life is for 10 years. The 2020 year-end bonuses to employees will total P600,00O. In Vilma's interim income statement for the six months ended June 30, 2020, what total amount of expense relating to these two items should be reported? *

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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