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What is the loss on retirement of building

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Reference no: EM132620756

Portman Company purchased for cash a new building on January 1, 2020 for P15,750,000. The building had an estimated useful life of 50 years and residual value of P750,000. Depreciation was computed on a straight-line basis. On January 1, 2022, the entity replaced the old roof with a permanent tile roof costing P4,500,000. The cost of the old roof was P3,750,000. The new roof did not change the residual value but was considered a betterment.

Question 1: What is the loss on retirement of building on January 1, 2022? What is the depreciation in 2022? What is the carrying amount on December 31, 2022 after recording the depreciation?

Question 2: Assuming that separate identification is not practicable (meaning, the cost of the old roof is not determinable). Discount rate is 8%. What is the Loss on retirement of building? (Round off PV factor to 3 decimal places) What is the depreciation expense in 2022?

Reference no: EM132620756

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