On January 5, 2021, Lighter Company acquired a building. The building had an estimated useful life of 10- years and an estimated salvage value of P50,000. The depreciation applicable to this building was P240,000 for 2023 computed under the sum-of-the year’s digit method.     How much is the carrying value of the building as of December 31, 2022?

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 32BE: Depreciation Methods On January 1, 2019, Loeffler Company acquired a machine at a cost of $200,000....
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On January 5, 2021, Lighter Company acquired a building. The building had an estimated useful life of 10- years and an estimated salvage value of P50,000. The depreciation applicable to this building was P240,000 for 2023 computed under the sum-of-the year’s digit method. 

  

How much is the carrying value of the building as of December 31, 2022?? 

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