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What amount be classified as general and administrative

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Reference no: EM133007087

The following items were among those that were reported on Cotabato Company's income statement:

Legal and audit fees ? 2,000,000.00

Rent for office space 6,000,000.00

Interest on acceptances payable 1,000,000.00

Loss on abandoned equipment 500,000.00

Insurance 200,000.00

The office space is used equally by the sales and accounting departments.

REQUIRED:

Problem 1: What amount should be classified as general and administrative expenses?

Reference no: EM133007087

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