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The following additional information relates to GGG Company: December 31, 2021 December 31, 2020 Dividends payable P 34,000 P 22,000 Equipment 925,000 780,000 Accumulated depreciation
The following additional information relates to GGG Company:
December 31, 2021 | December 31, 2020 | |
Dividends payable | P 34,000 | P 22,000 |
Equipment | 925,000 | 780,000 |
Accumulated depreciation - equipment | 283,000 | 300,000 |
Unappropriated accumulated profits | 710,000 | 500,000 |
Appropriated accumulated profits | 20,000 | 0 |
Cash | 6,700 | 3,500 |
The following additional information relates to 2021:
- Profit for the year, P 1,000,000.
- Depreciation expense for the year, P 74,000.
- During the year, equipment was overhauled at a cost of P 25,000. The amount was debited to accumulated depreciation.
- During the year, equipment with a carrying value of P 100,000 was sold. Loss of P11,000 was realized on the sale.
1. How much was the equipment purchased during 2021?
2. How much were the dividends paid during 2021?
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