The furniture and fixtures of Manila Water Company on January 1, 2021 had a cost of P4,000,000 and were all acquired at the beginning of 2017. The furniture and fixtures were depreciated using SYD and its estimated useful life is 10 years. On July 1, 2021 some furniture and fixtures were sold for P300,000. This furniture was originally acquired at P800,000. How much is the gain or loss on sale of furniture on July 1?

The furniture and fixtures of Manila Water Company on January 1, 2021 had a cost of P4,000,000 and were all acquired at the beginning of 2017. The furniture and fixtures were depreciated using SYD and its estimated useful life is 10 years. On July 1, 2021 some furniture and fixtures were sold for P300,000. This furniture was originally acquired at P800,000. How much is the gain or loss on sale of furniture on July 1?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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