Santa Maria College, Inc. a proprietary educational institution, spent P 20,000,000 on the construction of a new
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Question:
Santa Maria College, Inc. a proprietary educational institution, spent P 20,000,000 on the construction of a new school building. The estimated useful life of the building is 50 years P 20,000,000 spent by the proprietary educational institution, choose the best answer:
A. Capitalized and expensed outright at the option of the Bureau of Internal Revenue.
B. Must be claimed as an expense in the year of completion.
C. Capitalized or expensed outright at the option of Santa Maria College, Inc.
D. Capitalize and claim annual depreciation over the 50 years.
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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