1. For this numeric question, 10 points.

a. What is the amount of depreciation expense to be recorded in December 31, 2019

b. What is the contra asset account to be recorded

c. What is the amount of equipment that would appear in the Statement of Financial Position?

1. the following information pertains to Cheeto's Co. an appraisal service entity, on December 31, 2019and prepares financial statements using the calendar year. 1. equipment that cost P1,000,000 with no residual value, purchased July 1, 2018 with estimated life of 5 years