CPALE Practice Questions - CPA Licensure Examination (CPALE) Exam

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An entity acquired equipment for PHP 2,000,000 on January 1, 2024. It has a useful life of 8 years and a residual value of PHP 200,000. Using the straight-line method under PAS 16, what is the carrying amount on December 31, 2025?

PHP 1,550,000 PHP 1,500,000 PHP 1,575,000 PHP 1,650,000

Correct Answer:

PHP 1,550,000

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