Can you please show me the solution? Thank you so much in advance!For the year ended, December 31, 2019.-Depreciation for land improvements-Depreciation for building-Depreciation for machinery and equipment-Depreciation for automotive equipment SUMMER Company reported the following property, plant and equipment and accumulated depreciation onJanuary 1, 2019:AccumulatedResidualCostdepreciationValueLand420,000230,00046,0001,026,000Land improvementsBuildingMachinery and EquipmentAutomotive equipment5,400,000100,0001,250,000259,25030,0001,710,000412,50060,000Land improvements - straight line, 15 yearsBuilding - double declining balance, 20 yearsMachinery and equipment - sum of the years' digits, 15Automotive equipment - straight line, 6 yearsOn January 2, 2020, additional machinery and equipment were purchased at a total invoice cost ofP260,000, which included a P10,000 charge for freight. Installation cost of P40,000 was also incurred.On June 30, 2020, a machine purchased for P60,000 on April 1, 2013 was sold for P35,000.On December 31, 2020, the entity purchased a new automobile for P460,000 cash and trade-in of anautomobile purchased for P540,000 on July 1, 2018. The new automobile has a cash price of P570,000

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Can you please show me the solution? Thank you so much in advance! For the year ended, December 31, 2019. -Depreciation for land improvements -Depreciation for building -Depreciation for machinery and equipment -Depreciation for automotive equipment

Can you please show me the solution? Thank you so much in advance! For the year ended, December 31, 2019. -Depreciation for land improvements -Depreciation for building -Depreciation for machinery and equipment -Depreciation for automotive equipment

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...

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