Question
An equipment was acquired on December 31, 2016 for P5,000,000 and is expected to have a 10-year useful life. The straight-line method was used. On
An equipment was acquired on December 31, 2016 for P5,000,000 and is expected to have a 10-year useful life. The straight-line method was used. On January 1, 2020, the asset was deemed to have a sound value of P4,800,000. On January 1, 2023, the replacement cost of the asset was P3,500,000. How much should be taken to profit or loss for the period ended December 31, 2023?
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Accounting A Smart Approach
Authors: Mary Carey, Jane Towers-Clark, Cathy Knowles
2nd Edition
0199674914, 978-0199674916
