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Determine the cost and accumulated depreciation

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Question - On January 1, 2018, the Jonas Company sold equipment to its wholly owned subsidiary, Neptune Company for P 1,800,000. The equipment cost Jonas P 2,000,000; accumulated depreciation at the time of sale was P 500,000. Jonas was depreciating the equipment on the straight-line method over twenty years with no salvage value, a procedure that Neptune continued. On the consolidated balance sheet at December 31, 2018, determine the cost and accumulated depreciation?

a. P 1,500,000 and P 600,000

b. P 1,800,000 and P 100,000

c. 1,800,000 and P 500,000

d. P 2,000,000 and P 600,000

Reference no: EM133048941

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