A company uses the composite method to depreciate its equipment. The following totals are for all of the equipment in the group: Initial Cost Residual Depreciable Depreciation Value Cost Per Year P80,000 P900,000 P100,000 P800,000 What is the composite rate of depreciation? A machine with a cost of P23,000 was sold for P14,000 at the end of the third year. What entry should be made?
A company uses the composite method to depreciate its equipment. The following totals are for all of the equipment in the group: Initial Cost Residual Depreciable Depreciation Value Cost Per Year P80,000 P900,000 P100,000 P800,000 What is the composite rate of depreciation? A machine with a cost of P23,000 was sold for P14,000 at the end of the third year. What entry should be made?
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 6MCQ: Which of the following is not true about the MACRS depreciation system: A salvage value must be...
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Transcribed Image Text:A company uses the composite method to depreciate its equipment. The following totals
are for all of the equipment in the group:
Initial Residual Depreciable Depreciation
Cost
Value Cost
Per Year
P900,000 P100,000 P800,000
P80,000
What is the composite rate of depreciation?
A machine with a cost of P23,000 was sold for P14,000 at the end of the third year.
What entry should be made?
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