What is the depreciation expense in philippine peso

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Problem 1: The branch in Malaysia of Luzon corporation, a Philippine enterprise has property and equipment with a cost of 72,000 Ringgit on December 31, 2018. Of this amount, machinery with a cost of 48,000 Ringgit was acquired in 2016 when the exchange rate was 1 Ringgit to P11.12. The exchange rate on December 31, 2018 was 1 Ringgit to P12.5; and equipment with a cost of 24,000 Ringgit was acquired in 2017 when the exchange rate was 1 Ringgit to P11.12. The exchange rate on December 31, 2018 was 1 Ringgit to P10.00, and the weighted average for 2018 was 1 Ringgit to P10.42. The Malaysian branch depreciates property and equipment by the straight line method over a 10 year economic life with no residual value. In the translated income statement of the Malaysian branch, what is the 2018 depreciation expense in Philippine Peso?

Reference no: EM132756592

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