Reference no: EM132803288
The building account of Company A includes the following items on December 31, 2020:
Building Contract price 25,000,000
Gain on sale of old building 1,500,000
Options 150,000
Repair and maintenance 350,000
The building was acquired in March 31, 2020 and all entries have been made since the acquisition. The options include P50,000 on a building which was not acquired. Repair and maintenance costs relate to routine activities occurring after the building was occupied.
Problem 1: Assuming a 20-year useful life and a salvage value of P404,000, determine:
1. Depreciation charge in 2021 if double declining balance method was used to depreciate the asset
2. Carrying amount of the building as of December 31, 2021 if sum of the years' digit method was used to depreciate the asset
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