Transcribed Image Text: The Siri Company acquired equipment on January 1, 2015 at a cost of P400,000, depreciating it over 8 years with a nil residual value. On January 1,

Transcribed Image Text: The Siri Company acquired equipment on January 1, 2015 at a cost of P400,000,
depreciating it over 8 years with a nil residual value. On January 1, 2018. The Triss
Company acquired 100% of Siri and estimated the fair value of the equipment at
P230,000 with a remaining life of 5 years. This fair value was not incorporated into
Siri’s books and the depreciation expense continued to be calculated by reference to
original cost.
adjustments should be made to the depreciation expense for the year and the
statement of financial position carrying amount in preparing the consolidated
financial statements for the year ended December 31, 2019?

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