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Find what is the depreciation charged

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An entity purchased for cash a new building on January 1, 2020 for P2,100,000. The building has an estimated useful life of 25 years with no residual value. Depreciation is computed each December 31 on a straight line basis.

On January 1, 2022, the company replaced the old roof with a permanent tile roof costing P1,187,900. The cost of the old roof was P675,000. The new roof resulted to a residual value of P 100,000 and considered a betterment.

Problem 1: What is the depreciation charged for 2022?

Group of answer choices

Option 1: 108,648

Option 2: 96,996

Option 3: 104,516

Option 4: 104,300

Reference no: EM132697755

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