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How much should be reported as net assets of abc co

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Question 1: A draft of ABC Co.'s statement of financial position as of December 31, 2019 showed net assets of P8,750,000. Included in the asset section of the statement are the following: Treasury shares at cost- P250,000; Idle machinery-P100,000; Cash surrender value of life insurance on corporate Executives- P150,000; Allowance for inventory write-down- P50,000. How much should be reported as net assets of ABC Co. as of December 31, 2019?

Reference no: EM132586709

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