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What net amount (book value) should appear in the statement of financial position as of September 30, 2021 for fixed assets? At December 31, 2020,
What net amount (book value) should appear in the statement of financial position as of September 30, 2021 for fixed assets?
At December 31, 2020, the following existed in the in the records of Lauren Company: Fixed assets P8,600,000; Accumulated depreciation - P3,970,000. During the year ended September 30, 2021, fixed assets with a written down value of P370,000 was sold for P490,000. The plant had originally cost P800,000. Fixed assets purchased during the year cost P1,800,000. It is the company's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale, using a rate of 10% on the straight-line basis. What net amount (book value) should appear in the statement of financial position as of September 30, 2021 for fixed assetsStep by Step Solution
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