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Determine the cost of the building

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Question - Last July 1, 2020 Tower company purchased land and building for a blanket price of P4,000,000. The land and building fair market value of P3,000,000 and 2,000,000 respectively. It is company's policy that straight line method and depreciable assets will last for 40 years with a residual value of P200,000.

Required -

a. Determine the cost of the building?

b. Depreciation December 31, 2021.

c. Accumulated depreciation as of December 31, 2021.

Reference no: EM133169405

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