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What amount should bergs include in development expense

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Q1. Bergs Co. purchased two machines for P250,000 each on July 2, 2021. The machines were put into use immediately. Machine A has a useful life of five years and is solely used for one research project. Machine B will be used for two years on a research and development project and then used by another division for another eight years. Bergs uses the straight-line method of depreciation. What amount should Bergs include in 2021 as research and development expense?

Q2. On January 1, 2022, Bergs Corp owns 15,000 ordinary shares representing 15% of the shares outstanding of Knowie Corporation. The ordinary shares were acquired on November 12, 2021 at a cost of P750,000 and have a fair value of P800,000 on December 31, 2021. On January 2, 2022, Bergs sold half of its investment for P50 per share incurring a brokerage and commission expense of P10,000. How much is the gain on sale on January 2, 2022?

Reference no: EM133190127

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