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1.Granny Inc. uses hand tool in its manufacturing activities. On January 1, 2014, there are 800 of such tools on hand at a cost of

1.Granny Inc. uses hand tool in its manufacturing activities. On January 1, 2014, there are 800 of such tools on hand at a cost of P40 each. Acquisition and retirement in the years 2014 and 2015 are:

ACQUISITION AND COST RETIREMENT AND PROCEEDS ESTIMATED VALUE OF TOOLS AT YEAR END 2014, 400 @ P60 300 @ P10 P40,000 2015, 900 @ P80 700 @ P14 P35,000

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