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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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