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How much is the gain on sale of returnable containers

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Reference no: EM133178465

Question - Zest Company noted the following information regarding its returnable containers for fiscal year 2022:

Balance of Deposits for Returnable Containers, 01/01/22 - P250,000

Deposits received for containers of products sold during the year - P800,000

Deposits refunded during the year upon return of containers - P720,000

Deposits forfeited for containers not returned within the prescribed period - P60,000

Cost of containers not returned within the prescribed period - P55,000

Accumulated depreciation on containers not returned within the prescribed period - P15,000

Required - How much is the "Gain on Sale of Returnable Containers" to be recognized by Zest in its Statement of Comprehensive Income for fiscal year 2022?

a. P0

b. P20,000

c. P80,000

d. P140,000

Reference no: EM133178465

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