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What amount be charged to repairs and maintenance expense

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Question - During the current year, Ian Company, an SME, made the following expenditures relating to plant machinery and equipment: Renovation of a group of machines at a cost of P500,000 to secure greater efficiency in production over the remaining five-year useful life. The project was completed on December 31. Continuing, frequent, and low cost repairs at a cost of P350,000. A broken gear on a machine was replaced at a cost of P50,000. What amount should be charged to repairs and maintenance expense in the current year?

Reference no: EM133145233

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