Question
Takatak, Inc., uses the group depreciation method for its furniture account.The depreciation rate used for furniture is 21%.The balance in the furniture account on December
Takatak, Inc., uses the group depreciation method for its furniture account.The depreciation rate used for furniture is 21%.The balance in the furniture account on December 31, 2015, was P125,000, and the balance in Accumulated Depreciation - Furniture was P61,000.The following purchases and dispositions of furniture occurred in 2016 (assume that all purchases and disposals occurred at the beginning of each year).
Assets Sold
Assets Purchased Cost Selling Price
P35,000 P27,000 P8,000
What is the carrying amount of furniture at December 31, 2016 is
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