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What amount should be included in the consolidated statement

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Question - On January 1, 2017, Pol Corporation sold equipment to Sin Company, its wholly owned subsidiary, for P680,000 Pol paid P1,000,000 for this equipment, for which the depreciation to the date of intercompany sale totaled P360,000. Both companies use the straight-line method of depreciation for their depreciable assets. The equipment had a 10-year life when purchased and an expected salvage value of P100,000. What amount should be included in the consolidated statement of financial position at December 31, 2017, for the equipment cost and accumulated depreciation?

a. P1,000,000 and P360,000

b. P 680,000 and P450,000

c. P1,000,000 and 50, 000

d. P680,000 and P360,000

Reference no: EM133076212

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