Reference no: EM133151956
Question 1 - The following data relate to store equipment of BBB Company for 2021:
Store Equipment at cost, Jan. 1- P100,000
Store Equipment at cost, Dec. 31- P105,000
Accumulated Depreciation, Jan. 1- P30,000
Accumulated Depreciation, Dec. 31- 35,000
Store Equipment costing P10,000 was sold for P8,000 resulting in a loss of P500. The depreciation expense on store equipment for 2021 is
a. P2,500
b. P4,500
c. P5,000
d. P6,500
Question 2 - On June 30, 2021, Line Company incurred a P100,000 net loss from disposal of a business segment. Also, on June 30, 2021, the entity paid P40,000 for property taxes assessed for 2021. What amount should be included in the determination of net income or loss for the six-month interim period ended June 30, 2021?
a. P90,000
b. P140,000
c. P100,000
d. P120,000
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