8. An equipment was purchased for P600,000 on January 1, 2019. It had an estimated useful life of 10 years,  estimated residual value of P100,000 and was depreciated using straight line method. On December 31, 2022,  the estimated useful life is revised to 12 years and the estimated residual value is changed to P50,000. How  much is the depreciation for 2023? 9. Refer to no.8. This time, assume the depreciation method is changed to SYD on Dec. 31, 2022 and that  there is no change in the original useful life and residual value. How much is the depreciation for 2023?

Q: Equipment was purchased at the beginning of 2019 for P204,000. At the time of its purchase, the…

A: Solution: Original annual depreciation = (Cost - Residual value) / useful life = (P204,000 -…

Q: 13 On January 2, 2020, VSG purchased a transportation equipment costing P2,400,000. The new asset…

A: Depreciation expense: Depreciation expense is the reduction in the particular asset due to its use…

Q: On January 1, 2017, Jungkook Company purchased an equipment for P1,970,000. On this date, the…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: ABC Company purchased equipment on January 1, 2020 for $560,000. The equipment has a residual value…

A: Depreciation means fall in value of assets because of use of assets , passage of time or change in…

Q: PIKACHU purchased an equipment for 540,000 on January 1, 2020. The equipment has an estimated…

A: The calculation of depreciable cost has been made as follows: Depreciable cost=Purchase…

Q: On July 1, 2019, Cullumber Company purchased new equipment for $85,000. Its estimated useful life…

A: The question is based on the concept of business finance

Q: On January 1, 2019, the Ramirez Company ledger shows Equipment $29,000 and Accumulated Depreciation…

A: Straight-line depreciation method: The depreciation method which assumes that the consumption of…

Q: On January 1, 2020, JJ Company purchased factory equipment for P3,000,000. Estimated useful life of…

A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…

Q: The following data pertains to the equipment on July 1,2021, the date of revaluation Cost…

A: Equipment will be valued at lower of carrying amount or recoverable amount .  Here recoverable…

Q: 14. On January 1, 2020, DAHLIA Company showed land with a carrying amount of P10,000,000 and…

A: Revaluation refers to the comparison of the carrying value of the fixed assets with the fair value.…

Q: E11-2 Depreciation Methods Sorter Company purchased equipment for $200,000 on January 2, 2019. The…

A: Depreciation: Depreciation is an accounting method for distributing a tangible or physical asset's…

Q: On January 1, 2020, the Metlock, Inc. ledger shows Equipment $38,000 and Accumulated…

A: Annual Depreciation as per Straight-line method = (Cost - Salvage value)/Useful life To find the…

Q: Coachwhip Corporation purchased a machinery on January 1, 2022 for P5,000,000. The same had an…

A: Answer) Calculation of Revaluation Surplus Revaluation Surplus = Fair Value of Equipment on January…

Q: Lina Company purchased equipment on January 1, 2022 for P5,000,000. The equipment had a useful life…

A: Given information, Cost of the equipment=P5,000,000 Residual value =P600,000     Computation of…

Q: A company purchased machinery for $10,800,000 on January 1, 2019. The machinery has a useful life of…

A: Answer Sheet: Formula Sheet:

Q: An equipment costing P375,000 with an eight-year estimated useful life and an estimated residual…

A: Life of equipment = 8 Years Sum of years digits = 8+7+6+5+4+3+2+1 = 36 Cost = P375,000 Salvage value…

Q: On December 31, 2020, RJ Co. had delivery equipment in the total cost of P1,000,000.00 and…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: In the beginning of 2021, Ciento Company purchased equipment worth P250,000. It is estimated to be…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Company B purchased equipment for 110,000 on 1/1/2020. The equipment has a useful life of 5 years…

A: Depreciation expense is part of cost of the asset charged as expense in the income statement.…

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A: Sum of year = 8 + 7 + 6 + 5 + 4 + 3 + 2 + 1 = 36

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A: Depreciation refers to the allocation of the cost of fixed asset over the useful life of such an…

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A: Since the useful life and salvage value of asset has been revised, therefore, the remaining book…

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A: This question deals with the calculation of depreciation for the year 2022. Depreciation is a…

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A: Depreciation is the diminution in the worth of assets due to their erosion or normal wear and tear.…

Q: On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life…

A: Purchase value of asset is = 90000 Salvage value is 12000 So depreciable value is = 90000 -12000…

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A: First we need to calculate carrying amount of equipment at the beginning of 2021 after deduction of…

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A: Depreciation expense is part of cost of the asset charged as expense in the income statement.…

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Q: 19, Ivanhoe Corporation acquired equipment at a cost of $858000. Ivanhoe adopted the…

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A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…

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A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/5 years) x 2 = 40%

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A: As per straight line method of depreciation Depreciation per annum = (cost - Residual value) /useful…

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A: (1). N Company purchased as asset for $17,000 on January 2, 2021. The asset has an expected residual…

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A: Sum of years' digits of useful life = 1+2+3+4+5+6+7+8+9+10 = 55 years Depreciation fraction of 2021…

Q: . The company uses the declining-balance method of depreciation with a declining balance rate of 8%.…

A:

Q: On January 1, 2020, Swifty Corporation purchased a new machine for $4110000. The new machine has an…

A: Depreciation means reduction in value of the asset over the useful life of the asset.

Q: On January 2, 2023, Saminski, Inc., acquired equipment for $700,000. The estimated life of the…

A: Depreciation is an expense account that is considered as a reduction in the value of an asset due to…

Q: Ariel Company purchased a boring machine on January 1, 2022 for P8,100,000. The useful life of the…

A: Introduction:- The following basic information as follows under:- Machine expected to units…

Q: On January 1, 2022, the Sheffield Corp. general ledger shows Equipment $25,400 and Accumulated…

A: Book value as on Jan. 1, 2022 = Cost of equipment - Accumulated dep. as on Jan. 1, 2022  Book value…

Q: On January 1, 2019, the Morgantown Company ledger shows Equipment $32,000 and Accumulated…

A: Straight-line depreciation method: The depreciation method which assumes that the consumption of…

Q: A Company purchased equipment on January 1, 2019 for AED 70,000. It is estimated that the equipment…

A: Depreciation is an expense for consuming the fixed assets of the entity. The depreciation method…

Q: 2. On July 1, 2020, Dae Su Company purchased for P200,000 snow-making equipment having an estimated…

A: Depreciation is the allocation of cost over the life of an asset using different methods like Double…

Q: 15. On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and…

A: The depreciation is referred to as a charge on the fixed asset that causes a reduction in the book…

Q: 14. On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and…

A: The assets will be reported in the balance sheet. The company's value will be determined with the…