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What amount should be reported as accumulated depreciation

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Question 1: Gel Company determined that, due to obsolescence, equipment with an original cost of P9,000,000 and accumulated depreciation on January 1, 2018, of P4,200,00 had suffered permanent impairment and as a result should have a carrying amount of only P3,000,000 as of the beginning of the year. In addition, the remaining useful life of the equipment was reduced from 8 years to 3. On December 31, 2018, what amount should be reported as accumulated depreciation?

A. 1,000,000

B. 5,200,000

C. 6,000,000

D. 7,000,000

Reference no: EM132592963

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