Solution-What the carrying amount of furniture at December

What the carrying amount of furniture at December

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Question - Takatak, Inc., uses the group depreciation method for its furniture account. The depreciation rate used for furniture is 21%. The balance in the furniture account on December 31, 2017, was P125,000, and the balance in Accumulated Depreciation-Furniture was P61,000. The following purchases and dispositions of furniture occurred in 2018 (assume that all purchases and disposals occurred at the beginning of each year).

Assets Sold
Assets Purchased	Cost	Selling Price
P35,000	P27,000	P8,000

Required - What the carrying amount of furniture at December 31, 2018?

Reference no: EM132930707

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What the carrying amount of furniture at December

Reference no: EM132930707

Reference no: EM132930707

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