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Problem - In 2020, Tableta Company paid P4,000,000 to purchase a land containing a total estimated 160,000 tons of extractable mineral deposits. The estimated value of the property after the mineral has been removed is P800,000.
On March 30, 2021, Tableta Company purchased mining equipment costing P1,500,000. The useful life of the equipment is 10 years. Extraction activities began in 2021 and by the end of the year, 20,000 tons had been recovered and sold. The depreciation expense pertaining to the mining equipment in 2021 amounted to? How much is the carrying value of the equipment as of December 31, 2021?
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Firm M and firm N are related parties. For the past several years, Firms M's marginal tax rate has been 34%, Firm N's marginal tax rate has been 25%
A new client has changed its valuation method of property, For all the above clients, identify the type of audit opinion that should be issued
Several months ago, Ayers Industries Inc. experienced a hazardous materials spill at one of its plants. Prepare a note disclosure relating to this incident.
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