Reference no: EM133134581

Question 1 - Sialmo Co. has estimated that total depreciation expense for the year ending December 31, 2022 will amount to P6,150,000, and the 2022 year-end bonuses to employees will total P4,550,000. Sialmo Co. paid P500,000 property taxes assessed for the year 2022. On June 30, 2022, Sialmo Co. incurred a permanent inventory loss from market decline of P269,000 and loss on sale of land of P144,000. In the interim income statement for the six months ended June 30, 2022, what total amount of expenses relating to these items should be reported?

Question 2 - Cuerpo Corp. paid P750,000 for annual property taxes on January 15, 2022, and P40,000 for building repair costs on March 15, 2022. Total repair expenses for the year were estimated to be P260,000. What total amount of expense for these items was reported in Cuerpo's first quarter 2022 interim income statement?