The following is a statement of earned surplus prepared by the company for 2021: Balance, 1/1 Additions: Change in estimate of 2021 amortization expense Gain on sale of land Interest income Profit for 2021 Total 000 P 85,949 sediba P 2,800 18,350 4,500 13,680 39,330 125,279 Deductions: Increased depreciation due to change in estimated life O Dividends declared and paid Loss on sale of equipment Loss from major casualty Balance, 12/31 P 5,000 10,000 3,860 27,730 46,590 P 78,689 The adjusted profit or loss that should be reported in the company's income statement for the year ended Dec. 31, 2021 is a. P7,260 loss b. P5,060 loss c. P4,940 profit d. P2,740 profit

The following is a statement of earned surplus prepared by the company for 2021: Balance, 1/1 Additions: Change in estimate of 2021 amortization expense Gain on sale of land Interest income Profit for 2021 Total 000 P 85,949 sediba P 2,800 18,350 4,500 13,680 39,330 125,279 Deductions: Increased depreciation due to change in estimated life O Dividends declared and paid Loss on sale of equipment Loss from major casualty Balance, 12/31 P 5,000 10,000 3,860 27,730 46,590 P 78,689 The adjusted profit or loss that should be reported in the company's income statement for the year ended Dec. 31, 2021 is a. P7,260 loss b. P5,060 loss c. P4,940 profit d. P2,740 profit

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 36BE: Analyzing Fixed Assets Pitt reported the following information for 2018 and 2019: Required: Compute...

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