What is the consolidated depreciation expense of equipment for the year ended December 31, 2010 Group of answer choices 1,000,000 1,200,000 1,100,000 1,300,000
On January 1, 2010, Ayala Corporation acquired 80% of ordinary shares of Globe Company at fair value of net assets acquired. All assets of Globe company are fairly valued except for a blue office equipment with book value of P2,100,000 and fair value of P1,400,000. On June 30, 2010, Globe Company sold the said blue office equipment to Ayala Corporation at a selling price of P3,000,000. On June 30, 2010, the remaining useful life of the blue equipment is 3 years. On October 1, 2010, Ayala Corporation sold a 2 year-old red office equipment to Globe Company for P2,800,000 at a gain of P400,000. On October 1, 2010, the remaining useful life of the red equipment is 4 years.
What is the consolidated
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