Case 3 - CONDRADO VALIX donated a building valued at P300,000 to the company for a plant. On September 1, 2018, the company began operating the plant. Since no costs were involved, the bookkeeper made no entry for the above transaction. It was estimated that the building would have useful life of 10 years. The company uses the straight line method of depreciation. Chapter 2 - Correction of Errors AUDITING ASSURANCE CONCEPTS & APPLICATIONS 2018 2019 2020 ITEMS Depreciation expense for the year Net income Building Accumulated depreciation, year-end Net book value, year-end Retained earnings, before closing Retained earnings, after closing