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What is the consolidated depreciation expense of equipment

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Reference no: EM132832602

On January 1, 2021, PLDT acquired 60% of outstanding shares of Smart Inc with a gain on bargain purchase amounting to P1,000,000. The following additional data are provided:

  1. On January 1, 2021, PLDT sold a black equipment to Smart with a cost of P1,000,000 and accumulated depreciation of P400,000 at a selling price of P900,000. The black equipment has original life of 5 years.
  2. On July 1, 2022, Smart sold a white equipment to PLDT with cost of P500,000 and accumulated depreciation of P300,000 at a selling price of P150,000. The white equipment has original life of 10 years.
  3. On year 2022, PLDT reported net income of P5,000,000 and declared dividends of P2,000,000 while Smart reported net income of P1,000,000 and declared dividends of P500,000.

Problem 1: What is the consolidated depreciation expense of the equipment for the year ended December 31, 2022?

Reference no: EM132832602

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