Reference no: EM132546011
Question - Liliw Island Business Services has the ff information relative to its property, plant and equipment:
i. Computer equipment - total cost is P340,000, with estimated useful life of 5 years and salvage value of P25,000. The ten units of computer equipment were purchased on March 31, 2019.
ii. Furniture and fixtures - On May 1, 2019, the firm purchased desks and cabinets with estimated useful life of 3 years, depreciable cost of P115,000 and estimated residual value of P15,000.
The firm started its operation on January 1, 2019 and will be preparing its annual financial statements for the year ended December 31, 2019. The firm uses the straight-line method of depreciation.
How much is the accumulated depreciation - computer equipment that the form will report.
a. P68,000
b. P63,000
c. P52,500
d. P47,250
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