Reference no: EM133168443
Question - Sniper Company purchased on January 2, 2019, a new set of furniture and fixtures by issuing 5,000 of its P100 par value shares (FV on this date is P110), in addition to P200,000 cash paid in connection to purchase. The P200,000 is broken as follows:
Freight and delivery charges P80,000
Non-refundable purchase taxes 70,000
Furniture cover 50,000
Total P200,000
"the furniture cover was requested by the company president because he wanted his office furniture looks good. The cover does not enhance the asset.
The furniture and fixture are depreciated using 1.5 declining balance with an estimated useful life of four years and salvage value of P80,000.
What is the amount of depreciation expense - furniture and fixtures should Sniper Company recognized in its December 31, 2022 income statement?
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