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How much is the carrying value of this asset

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Q1. On April 1, 2021, Jang Manufacturing Company bought a new equipment for P800,000. The equipment has an estimate salvage value of P20,000 and useful life of 12 years. Depreciation is computed using the straight-line method. How much is the carrying value of this asset in the statement of financial position at December 31, 2022?

Q2. Yin Co traded in an old machine having a carrying amount of P16,800, and paid a cash difference of P6,000 for a new machine having a total cash price of P20,500. What amount of loss should Yin Co. recognized on this exchange?

Reference no: EM133015703

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