Complete the following schedule of PPE on Dec. 31, 2020: In connection with items 23 to 29
You have been assigned to prepare the schedule of property, plant, and equipment for ABC Corp. on
Dec. 31, 2020. In the course of your work, you have assembled the following information:
| AcquisitionDate | Cost | Residual Value | Useful Life (years) | Depreciation Method | |
| Bldg. A | Oct. 1, 2015 | 4,000,000 | - | 25 | Straight line |
| Bldg. B | April 1, 2016 | 6,000,000 | 300,000 | 30 | straight line |
| Machinery A | Oct. 1, 2015 | 1,000,000 | 100,000 | 10 | 150% declining balance |
| Machinery B | Jan. 1, 2016 | 900,000 | 80,000 | 5 | Double declining balance |
| Equipment A | Jan. 1, 2016 | 400,000 | 40,000 | 7.5 | SYD |
| Equipment B | April 1, 2017 | 190,000 | 25,000 | 5 | SYD |
Additional Information:
1. Machinery B is retired from use on October 31, 2020 and sold for P90,000. A replacement machinery was
purchased on Nov. 1, 2020 for P980,000. It will be depreciated based on a 5-year estimated useful life and
P50,000 estimated residual value using the double declining balance method.
2. On Dec. 31, 2019, it is determined that the estimated remaining life of Machinery A is 4 years and that the
revised estimated residual value is P50,000. In addition, the depreciation method is changed to
method
The depreciation for the year 2020 of:
23. Machinery A = 113,108
24. Machinery B = 36,640
25. Replacement Machinery for Machinery B = 65,333
26. Building A = 160,000
27. Building B = 190,000
28. Equipment A = 39,000
29. Equipment B = 24,750
Complete the following schedule of PPE on Dec. 31, 2020: In connection with items 23 to 29
| Cost | Carrying Amount | ||
| Bldg. | 30. | 34. | 38. |
| Machinery | 31. | 35. | 39 |
| Equipment | 32. | 36. | 40. |
| Totals | 33. | 37. | 41. |
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