in 5 minutes ABC Company has an equipment acquired on January 1, 2018 at a cost of P2,200,000 with estimated residual value of P200,000 and 20 years estimated useful life. On December 31, 2021, the replacement cost of the equipment turned P2,500,000 and the revised useful life is 24 years. Round off percentage to whole number and to nearest peso if you are required to gross up. Assuming the equipment is sold on January 1, 2024 for P1,800,000, determine the total impact to retained earnings of the equity section because of the transaction. (indicate the word increase or decrease after the amount such as this 100,000 increase)
in 5 minutes ABC Company has an equipment acquired on January 1, 2018 at a cost of P2,200,000 with estimated residual value of P200,000 and 20 years estimated useful life. On December 31, 2021, the replacement cost of the equipment turned P2,500,000 and the revised useful life is 24 years. Round off percentage to whole number and to nearest peso if you are required to gross up. Assuming the equipment is sold on January 1, 2024 for P1,800,000, determine the total impact to retained earnings of the equity section because of the transaction. (indicate the word increase or decrease after the amount such as this 100,000 increase)
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 14P: Hunter Company purchased a light truck on January 2, 2019 for 18,000. The truck, which will be used...
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ABC Company has an equipment acquired on January 1, 2018 at a cost of P2,200,000 with estimated residual value of P200,000 and 20 years estimated useful life. On December 31, 2021, the replacement cost of the equipment turned P2,500,000 and the revised useful life is 24 years. Round off percentage to whole number and to nearest peso if you are required to gross up. Assuming the equipment is sold on January 1, 2024 for P1,800,000, determine the total impact to
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