An equipment was acquired for P3,000,000 on Jan. 1, 2018. It is being depreciated to a salvage value of P400,000 over 10 years. It has the following revaluation details: (A) Jan. 1, 2021 - Replacement cost of P4,100,000 and remaining useful life of 7 years, (B) Jul. 1, 2026 - Replacement cost of P3,500,000 and remaining useful life of 3 years. After recording the depreciation as of Jul. 1, 2026, what is the journal entry to record the change in revaluation using the proportionate method? How much should be (debited) or credited to revaluation surplus?

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 -…

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A: Depreciation is charged on fixed assets as per different methods. it is a non-cash expense and it…

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A: Revised annual depreciation = Depreciable cost / Remaining useful life

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A: Given information:

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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: Depreciation is a reduction in value of asset due to wear and tear, technological advancement, other…

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A: Depreciation is a method of accounting that distributes the expense of a tangible or physical asset…

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A: Straight line depreciation rate = 100% / Life of asset = 100% / 4 = 25% Double declining balance…

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A: Depreciable cost = Original cost - Accumulated depreciation - Salvage value

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A: Depreciation is the reduction in the value of an asset due to normal wear and tear, passage of time,…

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A: working notes: Depreciation = (1,200,000 – 30,000)/5 useful life  Total accumulated depreciation  (2…

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

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A: Depreciation is an expense which usually charged on the fixed or non-current assets over the years…

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Q: Straight-line  (b) Units-of-output  (c) Working hours

A:

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A: Depreciation expense is a non cash expense and it is charged each year for the amount of asset…

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A: Introduction: A journal entry is being used to record a corporate transaction in the accounting…

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A: Accumulated depreciation refers to the total deprecation charges till a particular point. This can…

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A: Sum of years digit method is method of computation of depreciation for fixed assets. It is totalled…

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A: 1. Compute the depreciation expense under straight-line method for 2020- Please see attached Answer…

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A: Depreciation is the systematic decrease in the reported value of an asset throughout its useful life…

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A: Fixed assets means the asset which is used by company for many years to come for the purpose of…

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A:

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A: A corporation can use the revaluation model to carry a fixed asset at its revalued value. Following…

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A: Depreciation is used to denote a decrease in the value of fixed assets. Depreciation is the…

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A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets. The…

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A: Cost of equipment  $72,000   Expected useful life 6   residual value $15,000   fair value…

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

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

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A: Solution...   Total cost of machinery  = Cost + installation  = P250,000 + P18,000  = P268,000…

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

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A: SOLUTION- COMPUTE DEPRECIATION=COST - SALVAGE VALUE / ESTIMATED LIFE…

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A: Solution: Under sum of years' digits method of depreciation. Depreciation is based on sum of digits…

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A: A fixed asset is a non-current asset acquired by a business by making huge capital expenditures. A…

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A: Depreciation rate as per double declining balance method = (100/useful life) ×2

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A: Depreciation: It refers to a gradual decrease in the fixed asset’s value because of obsolescence,…

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A: Formula: Straight line method Depreciation = ( Cost of Asset - salvage value ) / useful life

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A: ''Since you have posted a question with multiple parts, we will solve the first three sub-parts for…

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

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A: "Hey, since multiple sub parts are posted, we will answer the first three questions alone. If you…

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A: Sum of year digit method is a depreciation method where the depreciation for the year is calculated…

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A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: the depreciation expense for 2021 will be

A: Double declining balance method is one of the accelerated methods used for the calculation of the…

Q: Spiral Company uses the sun-of-the years’ digits method to depreciate equipment purchased in January…

A: Solution: Depreciation is a reduction in the value of an asset over time, due to normal wear and…

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A: a.

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A: Under the sum of year digits method, depreciation is highest in the initial periods and lower in the…

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A: Double declining balance method: It is the method of charging depreciation where the depreciation is…

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A: First we need to find capitalized cost of asset  Then depreciable value of asset is to be found…

Q: Parnell Company acquired construction equipment on January 1, 2020, at a cost of $70,100. The…

A: Introduction: A journal entry is used to record a company that will focus on a company's accounting…