A tax and duty free importation of a 30-horsepower sand mill for paint manufacturing costs P360,000, CIF Manila. Bank charges, arrester and brokerage cost P5,000. Foundation and installationcosts were P25,000. Other incidental expenses amount to P20,000. Salvage value of the mill isestimated to be P60,000 after 20 years. Find the appraisal value of the mill using straight-line depreciation at the end of
A tax and duty free importation of a 30-horsepower sand mill for paint manufacturing costs P360,000, CIF Manila. Bank charges, arrester and brokerage cost P5,000. Foundation and installationcosts were P25,000. Other incidental expenses amount to P20,000. Salvage value of the mill isestimated to be P60,000 after 20 years. Find the appraisal value of the mill using straight-line depreciation at the end of
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 6CE
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A tax and duty free importation of a 30-horsepower sand mill for paint
P360,000, CIF Manila. Bank charges, arrester and brokerage cost P5,000. Foundation and installationcosts were P25,000. Other incidental expenses amount to P20,000. Salvage value of the mill isestimated to be P60,000 after 20 years. Find the appraisal value of the mill using straight-line
a.) 10 years,
b.) 15 years
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