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Question - Riles Truckers, Inc. acquired a heavy road transporter on January 1, 2012 at a cost of P10 million. The estimated useful life is 10 years. On January 1, 2018, the power train requires replacement, as further maintenance is uneconomical due to the off-road time required. The remainder of the vehicle is perfectly roadworthy and is expected to last for the next four years. The cost of the new power train is P4.5 million.
Required -
1. Assuming that the original cost of the power train is P3 million, what the total depreciation expense in 2018?
2. Assuming that the original cost of the power train is not separately identifiable and the appropriate discount rate is 5% (the present value of 1 at 5% for 6 years is 0.7462), what the total depreciation expense in 2018?
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