A new convention center with a total contract price of P5,500,000 was turned over to Entity A.
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Question:
A new convention center with a total contract price of P5,500,000 was turned over to Entity A.
Entity A also incurred the following expenses in connection with the opening of the new facility:
Opening cost 12,000
Promotional activities 15,000
Staff training 10,000
a. How much should be recognized as part of PPE?
b. How much should be expensed outright?
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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