39. On January 1, 2019, Iver Company purchased equipment for P4,000,000. The equipment has a useful life of 10 years and a residual value of P400,000. On January 1, 2023, the entity determined that the useful life of the equipment was 12 vears from the date of acquisition and the residual value was P480,000. What is the carrying amount of the equipment on anuary 1, 2023?

39. On January 1, 2019, Iver Company purchased equipment for P4,000,000. The equipment has a useful life of 10 years and a residual value of P400,000. On January 1, 2023, the entity determined that the useful life of the equipment was 12 vears from the date of acquisition and the residual value was P480,000. What is the carrying amount of the equipment on anuary 1, 2023?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 6RE

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