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What amount should be reported as total expense

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Reference no: EM133185132

Question - An entity is preparing interim financial statements for the first quarter ended March 31.

Expenses for the first quarter totaled P5,000,000 of which 25% was variable.

The fixed expenses included property tax for the year of P1,600,000 and depreciation expense P800,000 for the year for an equipment that was available for use on January 1.

Required - What amount should be reported as total expense for the first quarter ended March 31?

Reference no: EM133185132

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