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What is the depreciation

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Question - Norraine Company uses the composite method of depreciation based on a composite rate of 25%. At the beginning of 2010, the total cost of equipment was P5, 000,000 with a total residual value of P600, 000. The accumulated depreciation was P3, 000 at that time.

In January 2010, Norraine purchased equipment for P2, 500,000 with no residual value. At the end of 2010, Norraine sold equipment with an original cost of 1, 000,000 and a residual value of P200, 000 for P350, 000. This asset was acquired on January 1, 2008.

Required -

1. What is the depreciation for 2010?

2. What is the gain or loss from the derecognition of the asset on December 31, 2010?

Reference no: EM132621791

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