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How much are the cost of acquisitions of building

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Reference no: EM132931231

Question - The comparative statements of financial position of Andare Co. show the following information:

 

20x2

20x1

Buildings

2,500,000

1,000,000

Accumulated depreciation

(200,000)

(200,000)

During 20x2, Andante Co. sold an old building with historical cos of P800,000 for P260,000 and appropriately recognized a loss P40,000 on the sale. How much are the (1) cost of acquisitions of building and (2) depreciation expense recognized in 20x2?

Reference no: EM132931231

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