Coachwhip Corporation purchased a machinery on January 1, 2022 for P5,000,000. The same had an expected useful life of 8 years. Straight line depreciation method is in place for similar items. On January 1, 2024, the asset is appraised as having a sound value of P4,500,000. On January 1, 2027, the

Q: BLACK JACK Company purchased an automotive equipment on June 30, 2018 for $3,000,000. At the date of…

A: Depreciation formula  as per straight line method  = (Cost- residual value)/useful life

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

A: Depreciation as per straight line method =  (Cost - salvage value) /useful life

Q: ARON Corp. acquired a machine at a total cost of P5,200,000. The estimated life of the machine is 8…

A: Depreciation per hour = (Cost of the assets - Salvage value) / Total estimated operating machine…

Q: What is the depreciation expense for 2024?

A: Sum-of-the-years' digits is an accelerated method for determining an asset's expected depreciation…

Q: On January 2, 2017, Union Co. purchased a machine for P264,000 and depreciated it by the…

A: Depreciation expense for first 3 years = P264,000 / 8 years = P33,000 Accumulated depreciation,…

Q: The Fisher Company purchased a machine on October 1, 2018, for $18,000. At the time of acquisition,…

A: Depreciable cost=Cost-Salvage value=$18,000-$5,000=$13,000

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

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Around Jan 1, 2022, Coach Whip Corporation paid P5,000 for a piece of machinery. The same was…

A: A revaluation is an upward adjustment of a country's official exchange rate compared to a…

Q: On January 1, 2018, Shopee Company purchased an equipment with an estimated useful life of 8 years.…

A: Solution: Under sum of years digit method of depreciation, depreciation is expected to be higher in…

Q: On January 1, 2024, Birdman Company purchased for P240,000 a machine with a useful life of 10 years…

A: A change in depreciation method is a change in method that is not distinguishable from a change in…

Q: On January 1, 2017, RIP Isabel Granada Company purchased a machinery for P600,000, with an estimated…

A: 1. Impairment loss is carrying amount below the recoverable amount.  depreciation calculated based…

Q: On January 2, 2017, Union Co. purchased a machine for P264,000 and depreciated it by the…

A: The question is based on the concept of Depreciation Accounting.

Q: Crane Company purchased a depreciable asset for $680000 on April 1, 2018. The estimated salvage…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: Drago Company purchased equipment on January 1, 2021, at a total invoice cost of $1,200,000. The…

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

Q: On January 1,2013, Edition Company purchased an equipment for P1,970,000. On this date, the…

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

Q: On January 1, 2018, Bray Company purchased for P2,400,000 a machine with a useful life of ten years…

A: Formula: Rate of Deprecation for DDB= 100%Life of Asset×2 Rate of Depreciation for SL= 100%Remaining…

Q: Bataan Company purchased a machinery that was installed and ready for use on January 1, 2019 at a…

A: Depreciation rate under double declining rate = =   2 / useful life x 100%    Given…

Q: Marigold Corporation purchased a new machine for its assembly process on August 1, 2020. The cost of…

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

Q: Coronado Industries purchased a machine on July 1, 2020, for $960000. The machine has an estimated…

A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: On January 1, 2010, Graham Company purchased a new machine for P2,100,000. The new machine has an…

A: SOLUTION   FORMULA =  ACCUMULATED DEPRECIATION  (SUM OF THE YEARS DIGIT METHOD) =(COST OF ASSET -…

Q: Bataan Company purchased a machinery that was installed and ready for use on January 1, 2019 at a…

A: Depreciation expense is the cost portion which is allocated to the fixed assets of the company and…

Q: On the first day of its current fiscal year, Lupao Corporation purchased equipment costing P400,000…

A: Under double depreciation expense, the depreciation is calculated at double rate of straight line…

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: Swifty Corporation purchased a machine on July 1, 2020, for $910000. The machine has an estimated…

A: This is the case of 150% declining-balance method in which the depreciation rate is to be computed…

Q: On January 1, 2016, Makakaya Co. acquired machinery with a cost of P2,200,000 with an estimated…

A: Hi student, Since there are multiple subparts, we will answer only first three subparts.

Q: The Potter Corporation purchased a machine on January 1, 2020. The machine cost P 46,000, with an…

A: Solution..     Cost = P46,000  Estimated salvage value = P2,000  Life = 10 years

Q: Beckman Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of $152,000. The…

A: Book value of an asset is the value of asset which is reported on the financial statement of the…

Q: On January 1, 2018, CRIMSON Company purchased machineries for P10,560,000 and depreciated it by the…

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

Q: On October 1, 2020, Saria Company purchased equipment for $13,000 with an estimated useful life of 3…

A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: On January 1, 2018, Jane Company purchased an equipment with an estimated useful life of 8 years.…

A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…

Q: On Jan 1, 2021, ABC Company acquired a machinery at a cost of P250,000. It was estimated to have a…

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

Q: On December 31, 2021, Alexis Company has an item of machinery with a cost of P4,500,000 and an…

A: Impairment loss = Carrying value - Recoverable value Recoverable value = Lower of Value in use and…

Q: Haemul Pajeon Company purchased a machine on January 2, 2018 for P500,000. The machine has an…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/8 years) x 2 = 25%

Q: On January 1, 2022, Proton Company purchased a new machine or P2,100,000. The new machine has an…

A: The time period depreciation refers to an accounting technique used to allocate the value of a…

Q: On April 1, 2022, Deland Manufacturing Company purchased a new equipment for P800,000. The equipment…

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

Q: Ayayai Corporation purchased machinery on January 1, 2022, at a cost of $252,000. The estimated…

A: Fixed asset: It is a long-term asset used in the business for long period and is depreciated for its…

Q: Coachwhip Corporation purchased a machinery on January 1, 2022 for P5,000,00O. The same had an…

A: Depreciation as per straight line method = (cost - salvage value) /useful life =  P5000, 000/8 =…

Q: On January 1, 2018, KingKong Corp. purchased an equipment with an estimated useful life of 8 years.…

A: Salvage Value P2,000 Useful Life (in years) 8 Sum of the year (1+2+3+4+5+6+7+8) 36…

Q: Concord Corporation purchased a new machine for its assembly process on August 1, 2020. The cost of…

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

Q: ramble Corp. purchased a depreciable asset for $698000 on April 1, 2018. The estimated salvage value…

A: Price = $ 698,000 Salvage Value = $ 68,000 Estimated useful life of years = 5 years

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: Ayayai Corporation purchased machinery on January 1, 2022, at a cost of $252,000. The estimated…

A: Under straight line method, same amount of depreciation is charged every year. Annual depreciation =…

Q: Sheridan Company purchased equipment for $ 120000 on January 1, 2020, and will use the…

A:

Q: Awni Company purchased a new machine on May 1, 2010 for € 44,000. At the time of acquisition, the…

A: Awni Company purchased a new machine on May 1, 2010 for € 44,000. At the time of acquisition, the…

Q: Workman Company purchased a machine on January 2, 2020, for $800,000. The machine has an estimated…

A: Accumulated depreciation: The total amount of depreciation expense deducted, from the time asset…

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

A: solution ‘ working note purchase date of machinery        =January 1 2022 annual depreciation…

Q: Martin Corporation acquired a truck on January 1, 2016, at a cost of $84,000. The truck was…

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

Q: REPTILE COMPANY acquired a machine on January 1, 2018 for P5,250,000. It was to be depreciated using…

A:

Q: Swifty Corporation purchased a depreciable asset for $371000. The estimated salvage value is $26000,…

A: The different methods for computing depreciation are straight line method of depreciation, double…